Statistical Bulletin - APB

Statistical Bulletin Portuguese Banking Association

Nº 50 2014 | Annual Lisbon | September 2015

This Statistical Bulletin is merely a translation of the Boletim Estatístico nº50. In case of any doubt or contradiction between both documents the Portuguese version of Boletim Estatístico nº50 prevails.

Acknowledgements

The Portuguese Banking Association would like to thank all its Members for their availability and contribution on the elaboration of this Statistical Bulletin.

Statistical Bulletin – 2014 (Annual) 5

Contents

Foreword ........................................................................................................................ 7

I. Factsheets and Separate Financial Statements ................................................................. 11

I.1 Banco BIC Português, S.A. ................................................................................ 13 I.2 Banco BPI, S.A. .................................................................................................. 21 I.3 Banco Português de Investimento, S.A. ........................................................... 31 I.4 Banco Carregosa, S.A. ....................................................................................... 39 I.5 Banco Comercial Português, S.A. ..................................................................... 47 I.6 Banco ActivoBank, S.A. ..................................................................................... 57 I.7 Banco de Investimento Imobiliário, S.A. .......................................................... 65 I.8 Banco de Investimento Global, S.A. ................................................................. 73 I.9 Banco Finantia, S.A. .......................................................................................... 81 I.10 Banco Invest, S.A. ............................................................................................. 89 I.11 Banif – Banco Internacional do Funchal, S.A. ................................................... 97 I.12 Banif – Banco de Investimento, S.A. ................................................................ 107 I.13 Banco Banif Mais, S.A. ...................................................................................... 115 I.14 Caixa Económica Montepio Geral .................................................................... 123 I.15 Montepio Investimento, S.A. ........................................................................... 131 I.16 Caixa Geral de Depósitos, S.A. .......................................................................... 139 I.17 Caixa – Banco de Investimento, S.A. ................................................................ 147 I.18 SICAM – Sistema Integrado de Crédito Agrícola Mútuo ................................... 155 I.19 Banco Bilbao Vizcaya Argentaria (Portugal), S.A. ............................................. 163 I.20 Banco Popular Portugal, S.A. ............................................................................ 171 I.21 Banco Santander Consumer Portugal, S.A. ...................................................... 179 I.22 Banco Santander Totta, S.A. ............................................................................. 187 I.23 Banco do Brasil, AG – Sucursal em Portugal .................................................... 195 I.24 Barclays Bank PLC – Sucursal em Portugal ....................................................... 201 I.25 BNP Paribas – Sucursal em Portugal ................................................................ 207 I.26 BNP Paribas Securities Services, S.A. – Sucursal em Portugal .......................... 213


II. Factsheets and Consolidated Financial Statements .......................................................... 219

II.1 BPI Group .......................................................................................................... 221 II.2 Banco Carregosa Group .................................................................................... 229 II.3 Banco Comercial Português Group .................................................................. 237 II.4 Banco de Investimento Global Group ............................................................... 245 II.5 Banco Finantia Group ........................................................................................ 253 II.6 Banco Invest Group ........................................................................................... 261 II.7 Banif – Financial Group .................................................................................... 269 II.8 Caixa Económica Montepio Geral Group .......................................................... 277 II.9 Caixa Geral de Depósitos Group ....................................................................... 285 II.10 Caixa – Banco de Investimento Group .............................................................. 293 II.11 Crédito Agrícola Group ..................................................................................... 301 II.12 BBVA (Portugal) Group ...................................................................................... 309 II.13 Santander Consumer Portugal ......................................................................... 317 II.14 Santander Totta, SGPS, S.A. ............................................................................. 325 II.15 Barclays Bank (Portugal) Group ....................................................................... 333

III. Human Resources ........................................................................................................... 339

IV. Branches ........................................................................................................................ 345

IV.1 By district........................................................................................................... 347 IV.2 By municipality. ................................................................................................. 349


Foreword

The annual Statistical Bulletin of Associação Portuguesa de Bancos (APB - Portuguese Banking Association) provides financial and non-financial information on its member institutions as at 31 December 2014. The same financial information for 2013 is also provided for comparison purposes.

Of the total of 28 APB member institutions on the above date, this bulletin does not include data on NCG Banco, S.A., Sucursal em Portugal or Deutsche Bank, AG, Sucursal em Portugal, due to unavailability of the information.

The following changes in the APB's membership have occurred since the last Statistical Bulletin (half-year bulletin, no. 50):

• In August 2014, NCG Banco, S.A. changed its brand from Novagalicia Banco to ABANCA. Its Portuguese branch office also took on the brand ABANCA, though its official company name remained unchanged (NCG Banco, S.A. – Sucursal em Portugal).

• In October 2014, following the resolution of Banco Espírito Santo, S.A. (BES), the APB's General Assembly decided that this financial institution no longer qualified to be a member of the Association. As it also consolidated the business of another three: Banco Espírito Santo de Investimento, S.A., Banco Best, S.A. and Banco Espírito Santo dos Açores, S.A., this Statistical Bulletin does not provide any financial or non-financial information on these institutions.

The financial institutions included in this Statistical Bulletin and the names of the groups to which they belong (for publication of their consolidated accounts) are listed on pages 7 and 8.

This Statistical Bulletin is structured as follows:

• Chapter I contains individual information on each financial institution. This information includes a complete factsheet for each one plus their separate financial statements (Balance Sheet, Income Statement, Comprehensive Income Statement, Statement of Changes in Equity and Cash-Flow Statement).

• Chapter II contains the consolidated financial statements and also includes a comprehensive factsheet by group and their consolidated financial statements (Balance Sheet, Income Statement, Comprehensive Income Statement, Statement of Changes in Equity and Cash-Flow Statement).

• Chapters III and IV contain detailed information on the member institutions' human resources and branches, respectively.

As in previous Statistical Bulletins, the separate and consolidated information was provided by the member institutions in templates pre-defined by the APB. The templates used for the separate and consolidated Balance Sheets and Income Statements comply with those issued by Banco de Portugal.

Some of the information in this bulletin will also be provided in Excel format on the APB website in order to make the information more easily accessible to users.


List of APB member institutions that have provided information on a separate and consolidated basis

Financial institutions – Domestic

Financial institutions Group name adopted for disclosure of consolidated financial statements

Banco BIC Português, S.A.

Banco BPI, S.A. BPI Group

Banco Português de Investimento, S.A.

Banco Carregosa, S.A. Banco Carregosa Group

Banco Comercial Português, S.A. Banco Comercial Português Group

Banco ActivoBank, S.A.

Banco de Investimento Imobiliário, S.A.

Banco de Investimento Global, S.A. Banco de Investimento Global Group

Banco Finantia, S.A. Banco Finantia Group

Banco Invest, S.A. Banco Invest Group

Banif - Banco Internacional do Funchal, S.A. Banif – Financial Group

Banif - Banco de Investimento, S.A.

Banif Mais, S.A.

Caixa Central - Caixa Central de Crédito Agrícola Mútuo, CRL

Crédito Agrícola Group

Caixa Económica Montepio Geral Caixa Económica Montepio Geral Group

Montepio Investimento, S.A.

Caixa Geral de Depósitos, S.A. Caixa Geral de Depósitos Group

Caixa - Banco de Investimento, S.A. Caixa – Banco de Investimento Group


Financial institutions – Subsidiaries


Banco Bilbao Vizcaya Argentaria (Portugal), S.A.

BBVA (Portugal) Group

Banco Popular Portugal, S.A.

Banco Santander Consumer Portugal, S.A. Santander Consumer Portugal

Banco Santander Totta, S.A. Santander Totta, SGPS, S.A.

Financial institutions – Branch officies


Banco do Brasil, AG – Sucursal em Portugal

Barclays Bank PLC – Sucursal em Portugal Barclays Bank (Portugal) Group

BNP Paribas – Sucursal em Portugal

BNP Paribas Securities Services, S.A. – Sucursal em Portugal

Source: APB


I. Factsheets and Separate Financial Statements

Per financial institution


I.1. Banco BIC Português, S.A.



General Information Head Office: Avenida António Augusto de Aguiar, n.º 132; 1050-020 Lisboa. Phone number: 210 438 900 Fax: 210 438 900 Website:

www.bancobic.pt

Corporate Boards Board of Directors Chairman: Fernando Teles; Executive Directors: Luís Mira Amaral, Jaime Pereira, Carlos Traguelho, Diogo Barrote, Artur Marques,

Rui Pedras; Non-Executive Directors: Isabel dos Santos, Luís Alves Monteiro, Francisco Constantino Pinto; Executive Committee Chairman: Luís Mira Amaral; Vice-Chairman: Jaime Pereira; Other Members: Carlos Traguelho, Diogo Barrote, Artur Marques, Rui Pedras; Board of the General Meeting of Shareholders

Chairman: Pedro Canastra de Azevedo Maia; Vice-Chairman: Alberto Mendes Teles; Secretary: Jorge Manuel de Brito Pereira; Audit Board Chairman: Henrique Camões Serra; Members: Abílio Morgado, Maria Ivone Santos, Célia Custódio; ROC/ SROC (Statutory Auditor) SROC: Deloitte & Associados, SROC, S.A.; Nomination and Remuneration Committee

Members: Luís Filipe Alves Monteiro, Francisco Manuel Constantino Pinto.

Shareholder Structure

20%

60%

20% Private

Corporate

Members of the Corporate Boards



Other information Total Men Women

31 December 2014 Employees - (domestic activity) by position

Heads of department 281 224 57 Specific 646 401 245 Administrative 510 219 291 Ancilliary 4 4 -

Total 1,441 848 593

Employees - by geographical distribution Portugal 1,441 848 593

Abroad 2 1 1 Total 1,443 849 594

Branches - by geographical distribution Portugal 207

Abroad1 - Total 207

Other banking coverage indicators ATMs 279

Active bank accounts 261,003 Active credit and debit cards 181,021 POSs 17,675

Financial Statements (€ Thousands) Separate Consolidated

31 December 2014

Balance Sheet

Total assets .............................................................................................................. 6,110,034 - Loans and advances to customers ........................................................................... 3,463,829 - Deposits from customers ........................................................................................ 4,450,463 - Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ 145,048 - Loans and advances to / and deposits from credit institutions ............................... 614,765 - Equity ...................................................................................................................... 381,239 - Share capital ............................................................................................................ 300,228 -

Income Statement Net interest income ................................................................................................. 103,000 -

Operating income .................................................................................................... 140,619 - Net income before tax ............................................................................................. 1,566 -

Cash Flow Statement Net cash from operating activities .......................................................................... 73,011 -

Net cash from investing activities ........................................................................... (4,651) - Net cash from financing activities ........................................................................... - - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. 68,360 - Cash and cash equivalents at the beginning of the year ......................................... 203,412 - Cash and cash equivalents at the end of the year ................................................... 271,772 -

Equity Total equity as at 31 December 2013 ...................................................................... 364,273 -

Total equity as at 31 December 2014 ...................................................................... 381,239 - 1 Includes branches and representation offices.



Separate balance sheet 31-Dec-14 31-Dec-13 Change 2014 – 2013

Assets Thousands € Thousands € Thousands € %

1. Cash and deposits at central banks ..................................................... 230,146 165,425 64,721 39.1% 1.1. Cash .................................................................................................. 53,816 47,041 6,775 - 1.2. Deposits at central banks.................................................................. 176,330 118,384 57,946 -

2. Deposits at other credit institutions ................................................... 41,626 37,987 3,639 9.6% 3. Financial assets held for trading ......................................................... 2,202 378 1,824 482.5%

3.1. Bonds and other fixed income securities issued by public bodies .... - - - - 3.2. Bonds and other fixed income securities issued by other bodies ..... - - - - 3.3. Shares ............................................................................................... - - - - 3.4. Other securities ................................................................................ - - - - 3.5. Derivatives ........................................................................................ 2,202 378 1,824 -

4. Other financial assets at fair value through profit or loss .................... 22,642 19,893 2,749 13.8% 4.1. Bonds and other fixed income securities issued by public bodies .... - - - - 4.2. Bonds and other fixed income securities issued by other bodies ..... - 839 (839) - 4.3. Shares ............................................................................................... - - - - 4.4. Other securities ................................................................................ 22,642 19,054 3,588 -

5. Available-for-sale financial assets ....................................................... 1,104,760 740,664 364,096 49.2% 5.1. Bonds and other fixed income securities issued by public bodies .... 754,106 533,263 220,843 - 5.2. Bonds and other fixed income securities issued by other bodies ..... 337,974 199,530 138,444 - 5.3. Shares ............................................................................................... 12,680 7,871 4,809 - 5.4. Other securities ................................................................................ - - - - 5.5. Provisions and impairments ............................................................. - - - -

6. Loans and advances to credit institutions ........................................... 1,178,980 1,355,943 (176,963) -13.1% 6.1. Interbank money market .................................................................. - - - - 6.2. Deposits ............................................................................................ 381,818 586,912 (205,094) - 6.3. Loans ................................................................................................ 754,054 690,540 63,514 - 6.4. Other loans and advances ................................................................ 43,108 78,491 (35,383) - 6.5. Purchase operations with resale agreements ................................... - - - - 6.6. Provisions and impairments ............................................................. - - - -

7. Loans and advances to customers ...................................................... 3,463,829 3,014,843 448,986 14.9% 7.1. Loans not represented by securities ................................................ 2,921,044 2,381,507 539,537 - 7.2. Non-derecognised securitised loans ................................................. - - - - 7.3. Other loans and amounts receivable (secured) ................................ 592,866 677,216 (84,350) - 7.4. Overdue loans and interest .............................................................. 125,228 116,251 8,977 - 7.5. Provisions and impairments ............................................................. (175,309) (160,131) (15,178) -

8. Held-to-maturity investments ............................................................ - 18,701 (18,701) -100.0% 8.1. Bonds and other fixed income securities issued by public bodies .... - 18,701 (18,701) - 8.2. Bonds and other fixed income securities issued by other bodies ..... - - - - 8.3. Provisions and impairments ............................................................. - - - -

9. Assets with repurchase agreements ................................................... - - - - 10. Hedging derivatives ............................................................................ - - - - 11. Non-current assets held for sale ......................................................... 1,960 1,600 360 22.5%

11.1. Gross amount ................................................................................. 1,960 1,600 360 - 11.2. Provisions and impairments ........................................................... - - - -

12. Investment properties ........................................................................ - - - - 12.1. Gross amount ................................................................................. - - - - 12.2. Provisions, impairments and depreciation ..................................... - - - -

13. Other tangible assets ......................................................................... 13,644 12,202 1,442 11.8% 13.1. Gross amount ................................................................................. 45,411 41,366 4,045 - 13.2. Provisions, impairments and depreciation ..................................... (31,767) (29,164) (2,603) -

14. Intangible assets ................................................................................ 483 155 328 211.6% 14.1. Gross amount ................................................................................. 2,405 1,964 441 - 14.2. Provisions, impairments and depreciation ..................................... (1,922) (1,809) (113) -

15. Investments in subsidiaries, associates and joint ventures .................. - - - - 15.1. Gross amount ................................................................................. - - - - 15.2. Provisions and impairments ........................................................... - - - -

16. Current income tax assets .................................................................. 911 - 911 - 17. Deferred income tax assets ................................................................ 6,245 1,173 5,072 432.4% 18. Other assets ....................................................................................... 42,606 76,513 (33,907) -44.3%

18.1. Gross amount ................................................................................. 43,306 77,091 (33,785) - 18.2. Provisions and impairments ........................................................... (700) (578) (122) - Total Assets 6,110,034 5,445,477 664,557 12.2%



Separate balance sheet (cont’d) 31-Dec-14 31-Dec-13 Change 2014 – 2013

Liabilities Thousands € Thousands € Thousands € %

1. Deposits from central banks ....................................................................... 374,514 334,942 39,572 11,8%

2. Financial liabilities held for trading ............................................................. 1,809 2,484 (675) -27.2%

3. Other financial liabilities at fair value through profit or loss ........................ - - - -

4. Deposits from other credit institutions ........................................................ 564,215 643,716 (79,501) -12.4% 4.1. Deposits ..................................................................................................... 303,113 298,825 4,288 - 4.2. Interbank money market ........................................................................... - - - - 4.3. Loans ......................................................................................................... 261,098 344,368 (83,270) - 4.4. Sale operations with repurchase agreements ........................................... - - - - 4.5. Other funds ............................................................................................... 4 523 (519) -

5. Deposits from customers ............................................................................ 4,450,463 3,804,652 645,811 17.0%

5.1. Demand deposits ....................................................................................... 870,507 627,163 243,344 -

5.2. Term deposits ............................................................................................ 3,555,036 3,156,805 398,231 -

5.3. Savings accounts ........................................................................................ 11,839 11,475 364 -

5.4. Other funds ............................................................................................... 13,081 9,209 3,872 -

6. Debt securities issued ................................................................................. - - - -

6.1. Certificates of deposit ................................................................................ - - - -

6.2. Bonds ......................................................................................................... - - - -

6.3. Other liabilities .......................................................................................... - - - -

7. Financial liabilities associated with transferred assets ................................. - - - -

8. Hedging derivatives .................................................................................... - - - -

9. Non-current liabilities held for sale ............................................................. - - - - 10

Provisions ................................................................................................... 47,039 43,932 3,107 7.1%

11

Current income tax liabilities ...................................................................... 3,913 2,423 1,490 61.5% 12

Deferred income tax liabilities .................................................................... 7,947 1,833 6,114 333.6%

13

Equity instruments ..................................................................................... - - - - 14

Other subordinated liabilities ..................................................................... 145,048 145,085 (37) 0.0%

15

Other liabilities ........................................................................................... 133,847 102,137 31,710 31.0%

Total Liabilities 5,728,795 5,081,204 647,591 12.7%

Equity

16

Share capital ............................................................................................... 300,228 300,228 - 0.0% 17

Share premiums ......................................................................................... 6,790 6,790 - 0.0%

18

Other equity instruments ............................................................................ - - - - 19

Treasury stock ............................................................................................ - - - -

20

Revaluation reserves .................................................................................. 21,844 6,022 15,822 262.7% 21

Other reserves and retained earnings ......................................................... 51,233 48,734 2,499 5.1%

22

Net income for the year .............................................................................. 1,144 2,499 (1,355) -54.2% 23

Prepaid dividends ....................................................................................... - - - -

Total Equity 381,239 364,273 16,966 4.7%

Total Liabilities + Equity 6,110,034 5,445,477 664,557 12.2%



Separate income statement 31-Dec-14 31-Dec-13 Change 2014 – 2013

Thousands € Thousands € Thousands € %

1. Interest and similar income .............................................................................. 208,108 193,930 14,178 - 2. Interest and similar expense ............................................................................ 105,108 105,482 (374) -

3. Net interest income .................................................................... 103,000 88,448 14,552 16.5% 4. Income from equity instruments ...................................................................... 30 24 6 - 5. Fee and commission income ............................................................................ 32,206 32,247 (41) - 6. Fee and commission expenses ......................................................................... (10,176) (10,026) (150) - 7. Net gains from assets and liabilities at fair value through profit or loss ........... (1,030) 1,105 (2,135) - 8. Net gains from available-for-sale financial assets ............................................. 2,904 727 2,177 - 9. Net gains from foreign exchange differences ................................................... 8,364 5,041 3,323 -

10. Net gains from sale of other assets .................................................................. 79 154 (75) - 11. Other operating income and expense .............................................................. 5,242 4,837 405 -

12. Operating income ....................................................................... 140,619 122,557 18,062 14.7% 13. Personnel costs ................................................................................................ 58,761 59,240 (479) - 14. General administrative expenses ..................................................................... 47,122 44,857 2,265 - 15. Depreciation and amortization ......................................................................... 2,753 2,675 78 - 16. Provisions net of reversals ................................................................................ 3,107 4,659 (1,552) -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................ 23,924 5,367 18,557 -

18. Impairment on other financial assets net of reversals ..................................... 3,098 - 3,098 - 19. Impairment on other assets net of reversals .................................................... 288 1,340 (1,052) -

20. Net income before tax .................................................................... 1,566 4,419 (2,853) -64.6% 21. Current tax ....................................................................................................... 3,922 1,920 2,002 - 22. Deferred tax ..................................................................................................... (3,500) - (3,500) - 23. Net income for the year 1,144 2,499 (1,355) -54.2%

Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013 Thousands € Thousands € Thousands € % Net income for the year ........................................................................................ 1,144 2,499 (1,355) -54,2% Available-for-sale financial assets

Profits and losses for the year ................................................................................. 24,570 5,517 19,053 - Reclassification adjustments for gains/ (losses) included in the profit or loss ......... - - - - Taxes ........................................................................................................................ (5,489) (1,189) (4,300) - Pension fund ............................................................................................................... - - - - Other movements ....................................................................................................... (3,259) - (3,259) - Other comprehensive income for the year ............................................................ 15,822 4,328 11,494 265,6% Total comprehensive income for the year 16,966 6,827 10,139 148,5%



Statement of changes in shareholders’ equity (thousands €)

Share Capital

Share premiums

Other capital instruments

Treasury stock

Fair value reserve

Other reserves

and retained earnings

Net income for

the year

Total shareholders’

equity

Balances as at December 31st 2013 300,228 6,790 - - 6,022 48,734 2,499 364,273

Other movements recognised directly in equity

Changes in fair value, net of taxes ....................... - - - - 15,822 - - 15,822

Pension fund – transitional arrangements ........... - - - - - - - -

Other movements ............................................... - - - - - 2,499 (2,499) -

Net income for the year ............................................ - - - - - - 1,144 1,144

Total gains and losses recognised in the year - - - - 15,822 2,499 (1,355) 16,966

Capital increase ......................................................... - - - - - - - -

Issue of other capital instruments ............................. - - - - - - - -

Transfer to reserves .................................................. - - - - - - - -

Dividends on ordinary shares .................................... - - - - - - - -

Prepaid dividends ...................................................... - - - - - - - -

Changes in treasury stock .......................................... - - - - - - - -

Share based payment scheme ................................... - - - - - - - -

Other movements ..................................................... - - - - - - - -

Balances as at December 31st 2014 300,228 6,790 - - 21,844 51,233 1,144 381,239



Separate cash flow statement 31-Dec-14 31-Dec-13 Change 2014 – 2013 Thousands € Thousands € Thousands € %

Cash flows from operating activities Interest and similar income received ........................................................ 199,812 196,549 3,263 -

Interest and similar expenses paid ............................................................ (101,535) (92,840) (8,695) - Fees and commissions received ................................................................ 49,937 32,259 17,678 - Fees and commissions paid ....................................................................... (11,542) (10,026) (1,516) - Recovery of loans ...................................................................................... 70 (12) 82 - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers.............................................. (101,724) (105,143) 3,419 -

Sub-total .................................................................................................... 35,018 20,787 14,231 -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... 40,287 100,811 (60,524) -

Financial assets and liabilities at fair value through profit or loss ............. (5,800) 22,216 (28,016) - Loans and advances to credit institutions ................................................. 167,926 (91,046) 258,972 - Deposits from credit institutions ............................................................... (79,447) 207,281 (286,728) - Loans and advances to customers ............................................................. (465,461) (653,500) 188,039 - Deposits from customers .......................................................................... 642,896 1,398,762 (755,866) - Hedging derivatives ................................................................................... (675) 2,483 (3,158) - Other operating assets and liabilities ........................................................ (260,296) (674,248) 413,952 -

Net cash from operating activities before income tax ................................. 74,448 333,546 (259,098) -77.7% Income tax paid ......................................................................................... (1,437) (2,594) 1,157 -

Net cash from operating activities .............................................................. 73,011 330,952 (257,941) -77.9%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................. - - - -

Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... - - - - Acquisition of available-for-sale financial assets ....................................... - - - - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (4,651) (2,140) (2,511) - Sale of tangible and intangible assets........................................................ - - - -

Net cash from investing activities ............................................................... (4,651) (2,140) (2,511) -117.3%

Cash flows from financing activities Capital increase ......................................................................................... - - - -

Issue of bonds and other debt securities................................................... - - - - Reimbursement of bonds and other debt securities ................................. - (150,656) 150,656 - Remuneration paid relative to subordinated liabilities ............................. - (100,157) 100,157 - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - - - -

Net cash from financing activities ............................................................... - (250,813) 250,813 100.0%

Net changes in cash and cash equivalents ................................................... 68,360 77,999 (9,639) -12.4% Cash and cash equivalents at the beginning of the year ........................... 203,412 125,413 77,999 - Effect of exchange rate changes on cash and cash equivalents ................ - - - -

Net changes in cash and cash equivalents ................................................... 68,360 77,999 (9,639) -12.4% Cash and cash equivalents at the end of the year 271,772 203,412 68,360 33.6%


I.2. Banco BPI, S.A.

Banco BPI, S.A.


General Information Head Office: Rua Tenente Valadim, n.º 284; 4100-476 Porto. Phone number: 226 073 100 Fax: 226 098 787 Website:

www.bancobpi.pt

Corporate Boards Board of Directors Chairman: Artur Santos Silva; Executive Directors: Fernando Ulrich, António Domingues, João Pedro Oliveira e Costa, José Pena do

Amaral, Manuel Ferreira da Silva, Maria Celeste Hagatong, Pedro Barreto; Non-Executive Directors: Alfredo Rezende de Almeida, António Lobo Xavier, Antonio Massanell Lavilla,

Armando Leite de Pinho, Carlos Moreira da Silva, Edgar Alves Ferreira, Herbert Walter, Ignacio Alvarez-Rendueles, Isidro Fainé Casas, Marcelino Armenter Vidal, Mário Leite da Silva, Santoro Finance – Prestação de Serviços, S.A., Tomaz Jervell, Vicente Tardio Barutel;

Executive Committee Chairman: Fernando Ulrich; Vice-Chairman: António Domingues; Other Members: João Pedro Oliveira e Costa, José Pena do Amaral, Manuel Ferreira da Silva, Maria

Celeste Hagatong, Pedro Barreto; Board of the General Meeting of Shareholders

Chairman: Miguel Luís Kolback da Veiga; Vice-Chairman: Manuel Cavaleiro Brandão; Secretary: Alexandra Magalhães, Luis Manuel Amorim; Audit Board Chairman: Abel António Pinto dos Reis; Members: Jorge de Figueiredo Dias, Rui Guimarães; Alternate: Francisco Javier Olazabal Rebelo Valente, Luís Roque de Pinho Patrício; ROC/ SROC (Statutory Auditor) SROC: Deloitte & Associados, SROC, S.A. (representada por António Marques Dias); Alternate ROC: Carlos Luís Oliveira de Melo Loureiro; Company Secretary: João Avides Moreira; Remunerations Committee Chairman: CaixaBank, S.A. (representada por Isidro Fainé Casas); Members: Arsopi - Holding, SGPS, S.A. (representada por Armando Leite de Pinho), HVF -

SGPS, S.A. (representada por Edgar Alves Ferreira); Corporate Governance Committee Chairman: Artur Santos Silva; Members: Armando Leite de Pinho, Vicente Tardio Barutel, Tomaz Jervell; Financial Risk Committee Chairman: Artur Santos Silva; Members: Marcelino Armenter Vidal, Herbert Walter; Audit Committee Chairman: Ruy Octávio Matos de Carvalho; Members: Alfredo Rezende de Almeida, Edgar Alves Ferreira, Ignacio Alvarez-Rendueles,

Mário Leite da Silva; Nomination, Evaluation and Remuneration Committee

Chairman: Marcelino Armenter Vidal; Members: António Lobo Xavier, Carlos Moreira da Silva.

Banco BPI, S.A.



Stock Performance

Source: Euronext Note: Closing price of the month.

11.7%

87.9%

0.4%

Private

Institutional


1.51

1.71 1.90 1.85

1.74

1.53 1.51 1.46

1.67 1.56 1.56

1.03

0,00

0,50

1,00

1,50

2,00

€

Banco BPI, S.A., share price

Banco BPI, S.A.


Other information Total Men Women 31 December 2014

Employees - (domestic activity) by position Heads of department 1,875 1,060 815 Specific 2,754 1,203 1,551 Administrative 1,217 440 777 Ancilliary 77 38 39

Total 5,923 2,741 3,182

Employees - by geographical distribution Portugal 5,923 2,741 3,182

Abroad 113 57 56 Total 6,036 2,798 3,238


Abroad2 21 Total 567

Other banking coverage indicators ATMs 1,512

Active bank accounts 1,335,985 Active credit and debit cards 1,635,991 POSs 30,451


31 December 2014

Balance Sheet

Total assets .............................................................................................................. 37,316,797 42,628,850 Loans and advances to customers ........................................................................... 21,543,072 25,268,969 Deposits from customers ........................................................................................ 20,526,976 28,134,617 Debt securities issued .............................................................................................. 2,209,493 2,238,074 Subordinated liabilities ............................................................................................ 133,651 69,521 Loans and advances to / and deposits from credit institutions ............................... (1,085,914) 1,216,376 Equity ...................................................................................................................... 1,422,426 2,545,648 Share capital ............................................................................................................ 1,293,063 1,293,063

Income Statement Net interest income ................................................................................................. 419,386 510,840

Operating income .................................................................................................... 479,069 857,706 Net income before tax ............................................................................................. (199,707) (9,681)

Cash Flow Statement Net cash from operating activities .......................................................................... 1,558,207 2,181,983

Net cash from investing activities ........................................................................... 79,384 (1,830) Net cash from financing activities ........................................................................... (1,631,741) (1,747,159) Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. 5,850 432,994 Cash and cash equivalents at the beginning of the year ......................................... 584,157 1,841,667 Cash and cash equivalents at the end of the year ................................................... 590,007 2,274,661

Equity Total equity as at 31 December 2013 ...................................................................... 1,304,962 2,306,330

Total equity as at 31 December 2014 ...................................................................... 1,422,426 2,545,648 2 Includes branches and representation offices.

Banco BPI, S.A.




1. Cash and deposits at central banks .................................................... 439,861 314,550 125,311 39.8% 1.1. Cash ................................................................................................. 223,238 200,252 22,986 - 1.2. Deposits at central banks3................................................................ 216,623 114,298 102,325 -

2. Deposits at other credit institutions ................................................... 150,153 269,633 (119,480) -44.3% 3. Financial assets held for trading......................................................... 604,609 430,355 174,254 40.5%

3.1. Bonds and other fixed income securities issued by public bodies ... 85,525 2,105 83,420 - 3.2. Bonds and other fixed income securities issued by other bodies .... 27,703 18,468 9,235 - 3.3. Shares .............................................................................................. 127,663 130,848 (3,185) - 3.4. Other securities................................................................................ 75,617 54,447 21,170 - 3.5. Derivatives ....................................................................................... 288,101 224,487 63,614 -

4. Other financial assets at fair value through profit or loss ................... 19,676 16,636 3,040 18.3% 4.1. Bonds and other fixed income securities issued by public bodies ... - - - - 4.2. Bonds and other fixed income securities issued by other bodies .... - - - - 4.3. Shares .............................................................................................. 19,676 16,636 3,040 - 4.4. Other securities................................................................................ - - - -

5. Available-for-sale financial assets ...................................................... 11,714,957 13,982,160 (2,267,203) -16.2% 5.1. Bonds and other fixed income securities issued by public bodies ... 3,912,828 6,211,950 (2,299,122) - 5.2. Bonds and other fixed income securities issued by other bodies .... 7,447,851 7,447,422 429 - 5.3. Shares .............................................................................................. 105,648 100,819 4,829 - 5.4. Other securities................................................................................ 347,601 296,928 50,673 - 5.5. Provisions and impairments ............................................................. (98,971) (74,959) (24,012) -

6. Loans and advances to credit institutions .......................................... 1,145,354 1,054,482 90,872 8.6% 6.1. Interbank money market ................................................................. - - - - 6.2. Deposits ........................................................................................... 462,203 258,169 204,034 - 6.3. Loans ................................................................................................ 80,044 59,144 20,900 - 6.4. Other loans and advances4 .............................................................. 531,672 703,887 (172,215) - 6.5. Purchase operations with resale agreements .................................. 71,740 33,551 38,189 - 6.6. Provisions and impairments ............................................................. (305) (269) (36) -

7. Loans and advances to customers ...................................................... 21,543,072 23,199,771 (1,656,699) -7.1% 7.1. Loans not represented by securities5 .............................................. 13,503,694 14,623,985 (1,120,291) - 7.2. Non-derecognised securitised loans ................................................ 7,539,822 7,737,635 (197,813) - 7.3. Other loans and amounts receivable (secured) ............................... 353,619 625,622 (272,003) - 7.4. Overdue loans and interest .............................................................. 979,940 944,342 35,598 - 7.5. Provisions and impairments ............................................................. (834,003) (731,813) (102,190) -

8. Held-to-maturity investments ........................................................... - - - - 8.1. Bonds and other fixed income securities issued by public bodies ... - - - - 8.2. Bonds and other fixed income securities issued by other bodies .... - - - - 8.3. Provisions and impairments ............................................................. - - - -

9. Assets with repurchase agreements .................................................. - - - - 10. Hedging derivatives ........................................................................... 154,445 195,440 (40,995) -21.0% 11. Non-current assets held for sale ........................................................ - - - -

11.1. Gross amount ................................................................................ - - - - 11.2. Provisions and impairments ........................................................... - - - -

12. Investment properties ....................................................................... - - - - 12.1. Gross amount ................................................................................ - - - - 12.2. Provisions, impairments and depreciation ..................................... - - - -

13. Other tangible assets ......................................................................... 61,002 67,260 (6,258) -9.3% 13.1. Gross amount ................................................................................ 472,008 484,775 (12,767) - 13.2. Provisions, impairments and depreciation ..................................... (411,006) (417,515) 6,509 -

14. Intangible assets ............................................................................... 21,722 16,770 4,952 29.5% 14.1. Gross amount ................................................................................ 103,281 96,042 7,239 - 14.2. Provisions, impairments and depreciation ..................................... (81,559) (79,272) (2,287) -

15. Investments in subsidiaries, associates and joint ventures ................. 380,105 395,703 (15,598) -3.9% 15.1. Gross amount ................................................................................ 380,105 395,703 (15,598) - 15.2. Provisions and impairments ........................................................... - - - -

16. Current income tax assets ................................................................. 3,960 18,877 (14,917) -79.0% 17. Deferred income tax assets ............................................................... 388,213 490,222 (102,009) -20.8% 18. Other assets ...................................................................................... 689,668 721,287 (31,619) -4.4%

18.1. Gross amount ................................................................................ 762,150 786,068 (23,918) - 18.2. Provisions and impairments ........................................................... (72,482) (64,781) (7,701) - Total Assets 37,316,797 41,173,146 (3,856,349) -9.4%

3 Includes interest receivable. 4 Includes interest receivable and comissions related to amortised cost. 5 Includes interest receivable, diferred revenue expenditure, value adjustments of hedged assets and comissions related to amortised cost (net).

Banco BPI, S.A.




1. Deposits from central banks ............................................................. 1,561,185 4,140,068 (2,578,883) -62.3%

2. Financial liabilities held for trading ................................................... 326,176 254,458 71,718 28.2%

3. Other financial liabilities at fair value through profit or loss .............. - - - -

4. Deposits from other credit institutions ............................................. 2,231,268 3,718,034 (1,486,766) -40.0% 4.1. Deposits .......................................................................................... 2,028,120 2,717,351 (689,231) - 4.2. Interbank money market ................................................................ - - - - 4.3. Loans .............................................................................................. - - - - 4.4. Sale operations with repurchase agreements ................................ 81,399 865,668 (784,269) - 4.5. Other funds6 ................................................................................... 121,749 135,015 (13,266) -

5. Deposits from customers.................................................................. 20,526,976 18,657,772 1,869,204 10.0%

5.1. Demand deposits ............................................................................ 6,615,571 4,704,379 1,911,192 -

5.2. Term deposits ................................................................................. 13,361,609 13,384,506 (22,897) -

5.3. Savings accounts ............................................................................. 78,718 117,311 (38,593) -

5.4. Other funds7 ................................................................................... 471,078 451,576 19,502 -

6. Debt securities issued ...................................................................... 2,209,493 2,658,577 (449,084) -16.9%

6.1. Certificates of deposit ..................................................................... - - - -

6.2. Bonds8............................................................................................. 2,209,493 2,658,577 (449,084) -

6.3. Other liabilities ............................................................................... - - - -

7. Financial liabilities associated with transferred assets ...................... 7,747,386 7,967,745 (220,359) -2.8%

8. Hedging derivatives .......................................................................... 327,239 548,612 (221,373) -40.4%

9. Non-current liabilities held for sale................................................... - - - -

10. Provisions ........................................................................................ 187,809 229,944 (42,135) -18.3%

11. Current income tax liabilities ............................................................ 3,365 3,089 276 8.9%

12. Deferred income tax liabilities .......................................................... 8,102 6,895 1,207 17.5%

13. Equity instruments ........................................................................... - 920,433 (920,433) -100.0%

14. Other subordinated liabilities ........................................................... 133,651 217,761 (84,110) -38.6%

15. Other liabilities ................................................................................ 631,721 544,796 86,925 16.0%

Total Liabilities 35,894,371 39,868,184 (3,973,813) -10.0%

Equity

16. Share capital .................................................................................... 1,293,063 1,190,000 103,063 8.7%

17. Share premiums ............................................................................... - - - -

18. Other equity instruments ................................................................. 5,270 3,415 1,855 54.3%

19. Treasury stock .................................................................................. (13,675) (17,090) 3,415 20.0%

20. Revaluation reserves ........................................................................ (22,163) (325,365) 303,202 93.2%

21. Other reserves and retained earnings ............................................... 377,110 481,433 (104,323) -21.7%

22. Net income for the year ................................................................... (217,179) (27,431) (189,748) -691.7%

23. Prepaid dividends ............................................................................ - - - -

Total Equity 1,422,426 1,304,962 117,464 9.0%

Total Liabilities + Equity 37,316,797 41,173,146 (3,856,349) -9.4%

6 Includes interest payable and correction of the amount of hedged liabilities. 7 Includes interest payable and correction of the amount of hedged liabilities. 8 Includes interest payable, correction of the amount of hedged liabilities and premiums and commission (net).

Banco BPI, S.A.


Separate income statement9 31-Dec-14 31-Dec-13 Change 2014 – 2013


1. Interest and similar income ..................................................................... 1,018,691 1,192,081 (173,390) - 2. Interest and similar expense .................................................................... 729,626 908,016 (178,390) -

3. Net interest income (narrow sense) ................................... 289,065 284,065 5,000 1.8% 4. Income from equity instruments ............................................................. 109,930 80,044 29,886 - 5. Net commissions relating to amortised cost............................................ 20,391 23,368 (2,977) -

6. Net interest income ........................................................... 419,386 387,477 31,909 8.2% 7. Commissions received ............................................................................. 225,810 231,084 (5,274) - 8. Commissions paid .................................................................................... (35,314) (36,892) 1,578 - 9. Other net income .................................................................................... 16,897 18,554 (1,657) -

10. Net commission income ..................................................... 207,393 212,746 (5,353) -2.5% 11. Gains and losses on operations at fair value ............................................ 23,390 12,003 11,387 - 12. Gains and losses on available-for-sale assets........................................... (153,557) 58,432 (211,989) - 13. Interest and financial gains and losses from pensions ............................. 2,014 4,110 (2,096) -

14. Net income on financial operations .................................... (128,153) 74,545 (202,698) -271.9% 15. Operating income .................................................................................... 15,000 12,201 2,799 - 16. Operating expenses ................................................................................. (26,608) (26,662) 54 - 17. Other taxes .............................................................................................. (7,949) (9,001) 1,052 -

18. Net operating income ........................................................ (19,557) (23,462) 3,905 16.6%

19. Operating income (from banking activity) .......................... 479,069 651,306 (172,237) -26.4% 20. Personnel costs ........................................................................................ 313,647 303,266 10,381 - 21. General administrative expenses ............................................................. 168,506 168,716 (210) - 22. Depreciation and amortization ................................................................ 16,423 17,753 (1,330) -

23. Overheads ......................................................................... 498,576 489,735 8,841 1.8% 24. Recovery of loans, interest and expenses ................................................ 13,968 15,310 (1,342) - 25. Impairment losses and provisions for loans and guarantees (net) .......... (154,607) (242,701) 88,094 - 26. Impairment losses and other provisions (net) ......................................... (39,561) 18,834 (58,395) -

27. Net income before tax ........................................................... (199,707) (46,986) (152,721) -325.0% 28. Income tax ............................................................................................... 17,472 (19,555) 37,027 - 29. Net income for the year (217,179) (27,431) (189,748) -691.7%

Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013 Thousands € Thousands € Thousands € % Net income for the year .................................................................................. (217,179) (27,431) (189,748) -691.7% Available-for-sale financial assets

Gains/ (losses) arising during the year ............................................................. 264,509 382,140 (117,631) - Reclassification adjustments for gains/ (losses) included in the profit or loss ....................................................................................................................... 160,223 (85,133) 245,356 - Taxes ................................................................................................................ (121,530) (84,630) (36,900) - Pension fund ........................................................................................................ (73,384) (1,131) (72,253) - Other movements ................................................................................................ - - - - Other comprehensive income for the year ..................................................... 229,818 211,246 18,572 8.8% Total comprehensive income for the year 12,639 183,815 (171,176) -93.1%

9 This separate income statement abides by the format published by Banco BPI, S.A. in its report. For the aggregate analysis in the Activity Report, these items were reclassified in accordance with the APB format, which is the same as that of the Banco de Portugal.

Banco BPI, S.A.



Share Capital

Share premiums


Treasury stock

Fair value reserve

Other reserves


Net income for the year


equity

Balances as at December 31st 2013 1.190.000 - 3.415 (17.090) (325.365) 481.433 (27.431) 1.304.962


Changes in fair value, net of taxes ................. - - - - - - - -

Pension fund – transitional arrangements ..... - - - - - (9.686) - (9.686)

Other movements .......................................... - - - - 303.202 (69.102) - 234.100

Net income for the year ....................................... - - - - - - (217.179) (217.179)

Total gains and losses recognised in the year - - - - 303.202 (78.788) (217.179) 7.235

Capital increase ................................................... - - - - - - - -

Issue of other capital instruments ....................... - - - - - - - -

Transfer to reserves ............................................. - - - - - (27.431) 27.431 -

Dividends on ordinary shares............................... - - - - - - - -

Prepaid dividends ................................................ - - - - - - - -

Changes in treasury stock .................................... - - 1.855 3.415 - (3.096) - 2.174

Other movements................................................ 103.063 - - - - 4.992 - 108.055

Balances as at December 31st 2014 1.293.063 - 5.270 (13.675) (22.163) 377.110 (217.179) 1.422.426

Banco BPI, S.A.


Separate cash flow statement10 31-Dec-14 31-Dec-13 Change 2014 – 2013


Cash flows from operating activities Interest, commissions and similar income received .................................. 1,310,464 1,501,531 (191,067) -

Interest, commissions and similar expenses paid ...................................... (996,709) (939,894) (56,815) - Recovery of loans ...................................................................................... 13,968 15,310 (1,342) - Contributions to pension fund .................................................................. (8,839) (27,938) 19,099 - Cash payments to employees and suppliers.............................................. (415,958) (398,057) (17,901) -

Sub-total ............................................................................. (97,074) 150,952 (248,026) -

Variações nos activos e passivos operacionais Changes in operating assets and liabilities - - - -

Deposits at central banks .......................................................................... 2,511,500 1,034,817 1,476,683 - Financial assets and liabilities at fair value through profit or loss and Available-for-sale financial assets ....................................................... (90,506) 90,348 (180,854) - Loans and advances to credit institutions ................................................. (4,030,003) (2,288,393) (1,741,610) - Deposits from credit institutions ............................................................... 1,525,499 2,146,066 (620,567) - Loans and advances to customers ............................................................. 1,821,544 947,739 873,805 - Financial liabilities held for trading............................................................ 8,793 (16,603) 25,396 - Other operating assets and liabilities ........................................................ (71,292) (210,661) 139,369 -

Net cash from operating activities before income tax ................................. 1,578,461 1,854,265 (275,804) -14.9% Income tax paid ......................................................................................... (20,254) (53,217) 32,963 -

Net cash from operating activities .............................................................. 1,558,207 1,801,048 (242,841) -13.5%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................. (13,504) (1,204) (12,300) -

Divestment of subsidiaries and associates ................................................ 2,508 107,000 (104,492) - Dividends received .................................................................................... 106,439 76,855 29,584 - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (33,458) (65,909) 32,451 - Sale of tangible and intangible assets........................................................ 17,399 36,694 (19,295) -

Net cash from investing activities ............................................................... 79,384 153,436 (74,052) -48.3%


Liabilities for non-derecognised assets ...................................................... (220,263) (251,659) 31,396 - Issue of contingent convertible subordinated debt .................................. - - - - Redemption of contingente convertible bonds ......................................... (920,000) (280,000) (640,000) - Issue of debt securities and subordinated debt ........................................ 308,367 167,351 141,016 - Redemption of debt securities ................................................................. (1,056,694) (1,574,503) 517,809 - Acquisition and sale of own debt securities and subordinated debt ......... 356,539 336,489 20,050 - Interest on debt securities and subordinated debt ................................... (75,997) (92,940) 16,943 - Interest on contingent convertible subordinated debt ............................ (27,108) (84,786) 57,678 - Treasury stock ........................................................................................... 3,415 1,182 2,233 - Dividends paid ........................................................................................... - - - -

Net cash from financing activities ............................................................... (1,631,741) (1,778,866) 147,125 8.3%

Net changes in cash and cash equivalents ................................................... 5,850 175,618 (169,768) -96.7% Cash and cash equivalents at the beginning of the year ........................... 584,157 408,539 175,618 - Effect of exchange rate changes on cash and cash equivalents ................ - - - -

Net changes in cash and cash equivalents ................................................... 5,850 175,618 (169,768) -96.7% Cash and cash equivalents at the end of the year 590,007 584,157 5,850 1.0%

10 Cash flow statement format adapted by the financial institution.


I.3. Banco Português de Investimento, S.A.



General Information Head Office: Rua Tenente Valadim, n.º 284; 4100-476 Porto. Phone number: 226 073 100 Fax: 226 098 787 Website:

www.bpiinvestimentos.pt

Corporate Boards Board of Directors Chairman: Fernando Ulrich; Executive Directors: Manuel Ferreira da Silva, Alexandre Lucena e Vale, João Pedro Oliveira e Costa,

José Miguel Morais Alves; Non-Executive Directors: Fernando Ulrich, António Domingues, Fernando da Costa Lima; Executive Committee Chairman: Manuel Ferreira da Silva; Other Members: Alexandre Lucena e Vale, João Pedro Oliveira e Costa, José Miguel Morais Alves; Board of the General Meeting of Shareholders

Chairman: Rui de Faria Lélis; Secretary: Luís Graça Moura; Audit Board Chairman: Carlos Mascarenhas de Almeida; Members: Manuel Correia de Pinho, Benjamim Costa de Pinho (Alternate); ROC/ SROC (Statutory Auditor) SROC: Deloitte & Associados, SROC, S.A. (representada por Paulo Fernandes); Alternate: Carlos Luís Oliveira de Melo Loureiro; Company Secretary: João Avides Moreira; Alternate: Ana Feijó Cunha.


100%

Corporate





Heads of department 35 30 5 Specific 25 19 6 Administrative 5 - 5 Ancilliary - - -

Total 65 49 16

Employees - by geographical distribution Portugal 65 49 16

Abroad 12 8 4 Total 77 57 20


Abroad11 1 Total 3

Other banking coverage indicators ATMs -

Active bank accounts - Active credit and debit cards - POSs -


31 December 2014

Balance Sheet

Total assets .............................................................................................................. 81,458 - Loans and advances to customers ........................................................................... - - Deposits from customers ........................................................................................ 16 - Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... 13,712 - Equity ...................................................................................................................... 33,537 - Share capital ............................................................................................................ 17,500 -



Cash Flow Statement Net cash from operating activities .......................................................................... (19,121) -

Net cash from investing activities ........................................................................... (120) - Net cash from financing activities ........................................................................... (17,391) - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. (36,632) - Cash and cash equivalents at the beginning of the year ......................................... 49,240 - Cash and cash equivalents at the end of the year ................................................... 12,608 -


Total equity as at 31 December 2014 ...................................................................... 33,537 -

11 Includes branches and representation offices.





1. Cash and deposits at central banks ....................................................... - 208 (208) -100.0% 1.1. Cash .................................................................................................... - 208 (208) - 1.2. Deposits at central banks .................................................................... - - - -

2. Deposits at other credit institutions ...................................................... 12,608 49,032 (36,424) -74.3% 3. Financial assets held for trading ............................................................ 18,763 37,631 (18,868) -50.1%

3.1. Bonds and other fixed income securities issued by public bodies ....... 1,499 1,999 (500) - 3.2. Bonds and other fixed income securities issued by other bodies ....... - - - - 3.3. Shares ................................................................................................. - 3,811 (3,811) - 3.4. Other securities ................................................................................... - 15,946 (15,946) - 3.5. Derivatives .......................................................................................... 17,264 15,875 1,389 -

4. Other financial assets at fair value through profit or loss ...................... - - - - 4.1. Bonds and other fixed income securities issued by public bodies ....... - - - - 4.2. Bonds and other fixed income securities issued by other bodies ....... - - - - 4.3. Shares ................................................................................................. - - - - 4.4. Other securities ................................................................................... - - - -

5. Available-for-sale financial assets ......................................................... 1,676 41,667 (39,991) -96.0% 5.1. Bonds and other fixed income securities issued by public bodies ....... 1,652 4,231 (2,579) - 5.2. Bonds and other fixed income securities issued by other bodies ....... - - - - 5.3. Shares ................................................................................................. 24 950 (926) - 5.4. Other securities ................................................................................... - 36,927 (36,927) - 5.5. Provisions and impairments ................................................................ - (441) 441 -

6. Loans and advances to credit institutions ............................................. 33,822 1,098,151 (1,064,329) -96.9% 6.1. Interbank money market .................................................................... - - - - 6.2. Deposits .............................................................................................. 15,000 1,078,802 (1,063,802) - 6.3. Loans ................................................................................................... - - - - 6.4. Other loans and advances12 ................................................................ 18,824 19,352 (528) - 6.5. Purchase operations with resale agreements ..................................... - - - - 6.6. Provisions and impairments ................................................................ (2) (3) 1 -

7. Loans and advances to customers ......................................................... - 82,330 (82,330) -100.0% 7.1. Loans not represented by securities 13 ................................................ - 82,117 (82,117) - 7.2. Non-derecognised securitised loans ................................................... - - - - 7.3. Other loans and amounts receivable (secured) .................................. - - - - 7.4. Overdue loans and interest ................................................................. - 930 (930) - 7.5. Provisions and impairments ................................................................ - (717) 717 -

8. Held-to-maturity investments .............................................................. - - - - 8.1. Bonds and other fixed income securities issued by public bodies ....... - - - - 8.2. Bonds and other fixed income securities issued by other bodies ....... - - - - 8.3. Provisions and impairments ................................................................ - - - -

9. Assets with repurchase agreements...................................................... - - - - 10. Hedging derivatives .............................................................................. - 154 (154) -100.0% 11. Non-current assets held for sale ........................................................... - - - -

11.1. Gross amount .................................................................................... - - - - 11.2. Provisions and impairments .............................................................. - - - -

12. Investment properties .......................................................................... - - - - 12.1. Gross amount .................................................................................... - - - - 12.2. Provisions, impairments and depreciation ........................................ - - - -

13. Other tangible assets ............................................................................ 963 1,401 (438) -31.3% 13.1. Gross amount .................................................................................... 2,659 20,034 (17,375) - 13.2. Provisions, impairments and depreciation ........................................ (1,696) (18,633) 16,937 -

14. Intangible assets .................................................................................. 350 101 249 246.5% 14.1. Gross amount .................................................................................... 2,671 3,316 (645) - 14.2. Provisions, impairments and depreciation ........................................ (2,321) (3,215) 894 -

15. Investments in subsidiaries, associates and joint ventures .................... 121 2,699 (2,578) -95.5% 15.1. Gross amount .................................................................................... 121 2,699 (2,578) - 15.2. Provisions and impairments .............................................................. - - - -

16. Current income tax assets .................................................................... - 2,943 (2,943) -100.0% 17. Deferred income tax assets .................................................................. 537 1,291 (754) -58.4% 18. Other assets ......................................................................................... 12,618 19,294 (6,676) -34.6%

18.1. Gross amount .................................................................................... 12,967 19,686 (6,719) - 18.2. Provisions and impairments .............................................................. (349) (392) 43 - Total Assets 81,458 1,336,902 (1,255,444) -93.9%

12 Includes interest receivable. 13 Includes interest receivable.





1. Deposits from central banks ...................................................................... - - - -

2. Financial liabilities held for trading ............................................................ 17,264 16,074 1,190 7.4%

3. Other financial liabilities at fair value through profit or loss ....................... - - - -

4. Deposits from other credit institutions ...................................................... 20,110 17,976 2,134 11.9% 4.1. Deposits .................................................................................................... 20,100 17,537 2,563 - 4.2. Interbank money market .......................................................................... - - - - 4.3. Loans ........................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .......................................... - - - - 4.5. Other funds14 ............................................................................................ 10 439 (429) -

5. Deposits from customers ........................................................................... 16 1,171,854 (1,171,838) -100.0%

5.1. Demand deposits ...................................................................................... - 405,372 (405,372) -

5.2. Term deposits ........................................................................................... - 759,511 (759,511) -

5.3. Savings accounts....................................................................................... - 38 (38) -

5.4. Other funds .............................................................................................. 16 6,933 (6,917) -

6. Debt securities issued ................................................................................ - - - -

6.1. Certificates of deposit .............................................................................. - - - -

6.2. Bonds ........................................................................................................ - - - -

6.3. Other liabilities ......................................................................................... - - - -

7. Financial liabilities associated with transferred assets ................................ - - - -

8. Hedging derivatives ................................................................................... - - - -

9. Non-current liabilities held for sale ............................................................ - - - -

10. Provisions .................................................................................................. 13 1,032 (1,019) -98.7%

11. Current income tax liabilities ..................................................................... 1,350 283 1,067 377.0%

12. Deferred income tax liabilities ................................................................... 32 338 (306) -90.5%

13. Equity instruments .................................................................................... - - - -

14. Other subordinated liabilities .................................................................... - 35,083 (35,083) -100.0%

15. Other liabilities .......................................................................................... 9,136 31,022 (21,886) -70.5%

Total Liabilities 47,921 1,273,662 (1,225,741) -96.2%

Equity

16. Share capital.............................................................................................. 17,500 20,000 (2,500) -12.5%

17. Share premiums ........................................................................................ - - - -

18. Other equity instruments .......................................................................... 16 111 (95) -85.6%

19. Treasury stock ........................................................................................... - - - -

20. Revaluation reserves ................................................................................. 766 372 394 105.9%

21. Other reserves and retained earnings ........................................................ 12,550 37,801 (25,251) -66.8%

22. Net income for the year ............................................................................. 2,705 4,956 (2,251) -45.4%

23. Prepaid dividends ...................................................................................... - - - -

Total Equity 33,537 63,240 (29,703) -47.0%

Total Liabilities + Equity 81,458 1,336,902 (1,255,444) -93.9%

14 Includes interest payable.





1. Interest and similar income ............................................................................. 21,963 37,980 (16,017) - 2. Interest and similar expense ............................................................................ 19,376 36,000 (16,624) -

3. Net interest income (narrow sense) ........................................... 2,587 1,980 607 30.7% 4. Income from equity instruments ..................................................................... 179 132 47 -

5. Net interest income ................................................................... 2,766 2,112 654 31.0% 6. Commissions received ..................................................................................... 26,966 24,322 2,644 - 7. Commissions paid ............................................................................................ (3,074) (1,776) (1,298) - 8. Other net income ............................................................................................. 60 73 (13) -

9. Net commission income ............................................................. 23,952 22,619 1,333 5.9% 10. Gains and losses on operations at fair value .................................................... 593 4,704 (4,111) - 11. Gains and losses on available-for-sale assets ................................................... 218 38 180 - 12. Interest and financial gains and losses from pensions ..................................... (24) 73 (97) -

13. Net income on financial operations ............................................ 787 4,815 (4,028) -83.7% 14. Operating income ............................................................................................ 50 151 (101) - 15. Operating expenses ......................................................................................... (510) (867) 357 - 16. Other taxes ...................................................................................................... (383) (448) 65 -

17. Net operating income ................................................................ (843) (1,164) 321 27.6%

18. Operating income (from banking activity) .................................. 26,662 28,382 (1,720) -6.1% 19. Personnel costs ................................................................................................ 13,413 12,332 1,081 - 20. General administrative expenses ..................................................................... 7,004 7,134 (130) - 21. Depreciation and amortization ........................................................................ 120 197 (77) -

22. Overheads ................................................................................. 20,537 19,663 874 4.4% 23. Recovery of loans, interest and expenses ........................................................ 1 3 (2)

24. Impairment losses and provisions for loans and guarantees (net) ................... 96 309 (213) - 25. Impairment losses and other provisions (net) ................................................. 44 (140) 184 -

26. Net income before tax ................................................................... 6,266 8,891 (2,625) -29.5% 27. Income tax ....................................................................................................... 3,561 3,935 (374) - 28. Net income for the year 2,705 4,956 (2,251) -45.4%

Statement of comprehensive income 31-Dec-14 31-Dec-13 Variação 2013 – 2014


Net income for the year ........................................................................................ 2,705 4,956 (2,251) -45.4% Available-for-sale financial assets

Gains/ (losses) arising during the year ..................................................................... (5,322) (1,716) (3,606) - Reclassification adjustments for gains/ (losses) included in the profit or loss ......... (79) - (79) - Taxes ....................................................................................................................... 1,597 500 1,097 - Pension fund ............................................................................................................... - - - - Other movements ....................................................................................................... (1,676) (1,717) 41 - Other comprehensive income for the year ................................................................. (5,480) (2,933) (2,547) -86.8% Total comprehensive income for the year (2,775) 2,023 (4,798) -237.2%

15 This separate income statement abides by the format published by Banco Português de Investimento, S.A. in its report. For the aggregate analysis in the Activity Report, these items were reclassified in accordance with the APB format, which is the same as that of the Banco de Portugal.




Share Capital

Share premiums


Treasury stock

Fair value reserve

Other reserves


Resultado do exercício


equity

Balances as at December 31st 2013 20,000 - 111 - 372 37,801 4,956 63,240


Changes in fair value, net of taxes ............................. - - - - (3,804) - - (3,804)

Pension fund – transitional arrangements ................. - - - - - (70) - (70)

Other movements ..................................................... - - - - - (1,676) - (1,676)

Net income for the year .................................................. - - - - - - 2,705 2,705

Total gains and losses recognised in the year - - - - (3,804) (1,746) 2,705 (2,845)

Capital increase ............................................................... - - - - - - - -

Issue of other capital instruments ................................... - - - - - - - -

Transfer to reserves ........................................................ - - - - - - - -

Dividends on ordinary shares .......................................... - - - - - (19,000) (4,461) (23,461)

Prepaid dividends ............................................................ - - - - - - - -

Changes in treasury stock ................................................ (2,500) - - - - - - (2,500)

Share based payment scheme ......................................... - - (59) - - - - (59)

Other movements ........................................................... - - (36) - 4,198 (4,505) (495) (838)

Balances as at December 31st 2014 17,500 - 16 - 766 12,550 2,705 33,537





Operating activities Interest, commissions and similar income received .................................. 49,274 70,241 (20,967) -

Interest, commissions and similar expenses paid ...................................... (26,491) (46,301) 19,810 - Recovery of loans ...................................................................................... - 3 (3) - Cash payments to employees and suppliers.............................................. (22,418) (17,768) (4,650) -

Net cash flow from income and expenses ................................................... 365 6,175 (5,810) -

Decrease (increase) in: Financial assets held for trading and available-for-sale ............................. 21,807 60,508 (38,701) -

Loans and advances to credit institutions ................................................. (577,990) 987,852 (1,565,842) - Loans and advances to customers ............................................................. 1,690 14,075 (12,385) - Other assets .............................................................................................. 9,601 (4,375) 13,976 -

Net cash flow from operating assets ........................................................... (544,892) 1,058,060 (1,602,952) -

Increase (decrease) in: Deposits from central banks and credit institutions .................................. 11,342 (22,111) 33,453 -

Deposits from customers .......................................................................... 512,913 (1,019,911) 1,532,824 - Financial liabilities held for trading............................................................ 1,618 (10,789) 12,407 - Other liabilities .......................................................................................... (1,377) (5,740) 4,363 -

Net cash flow from operating liabilities ...................................................... 524,496 (1,058,551) 1,583,047 - Contributions to pension fund .................................................................. (136) (416) 280 - Income tax paid ......................................................................................... 1,046 (7,183) 8 229 -

Net cash from operating activities .............................................................. (19,121) (1,915) (17,206) -898.5%

Investing activities Acquisition of/ capital increases in subsidiaries and associates ................ (5) (10) 5 -

Divestment of subsidiaries and associates ................................................ - - - - Acquisition of other tangible and intangible assets ................................... (294) (124) (170) - Sale of other tangible assets...................................................................... - - - - Acquisition of tangible assets held for sale ............................................... - - - - Sale of tangible assets held for sale ........................................................... - - - - Dividends received and other income ....................................................... 179 132 47 -

Net cash from investing activities ............................................................... (120) (2) (118) -5.900.0%

Financing activities Capital increase ......................................................................................... - - - -

Liabilities for non-derecognised assets ...................................................... - - - - Issue of debt securities and subordinated debt ........................................ - - - - Redemption of debt securities .................................................................. - (9) 9 - Acquisition and sale of own debt securities and subordinated debt ......... - - - - Interest on debt securities and subordinated debt ................................... (620) (433) (187) - Dividends paid ........................................................................................... (23,461) (5,593) (17,868) - Merger with Banco BPI .............................................................................. 6,690 - 6,690

Net cash from financing activities ............................................................... (17,391) (6,035) (11,356) -188.2%

Net changes in cash and cash equivalents ................................................... (36,632) (7,952) (28,680) -360.7% Cash and cash equivalents at the beginning of the year ........................... 49,240 57,192 (7,952) -

Cash and cash equivalents at the end of the year 12,608 49,240 (47,988) -74.4%



I.4. Banco Carregosa, S.A.

Banco Carregosa, S.A.


General Information Head Office: Avenida da Boavista, n.º 1083; 4100-129 Porto. Phone number: 226 086 460 Fax: 226 086 493 Website:

www.bancocarregosa.com/pt/

Corporate Boards Board of Directors Chairman: Maria Cândida Cadeco da Rocha e Silva; Executive Directors: Pedro José Malheiro Duarte, Paulo Armando Morais Mendes, Francisco Miguel

Melhorado de Oliveira Fernandes, Jorge Manuel da Conceição Freitas Gonçalves, Paulo Martins de Sena Esteves;

Non-Executive Directors: António José Paixão Pinto Marante, Nuno Rafael Domingues dos Santos Reis Maya;

Executive Committee Chairman: Pedro José Malheiro Duarte; Other Members: Paulo Armando Morais Mendes, Francisco Miguel Melhorado de Oliveira

Fernandes, Paulo Martins de Sena Esteves; Board of the General Meeting of Shareholders

Chairman: Luis Manuel de Faria Neiva dos Santos; Secretary: Maria Manuela Pereira Antunes Matias; Audit Board Chairman: Maria da Graça Alves Carvalho; Members: Manuel José Lemos de Ferreira Lemos, Eduardo Maria Lopes Rothes Barbosa,

André de Castro Amorim; ROC/ SROC (Statutory Auditor) ROC: Vilar, Campos, Gomes & Associados; Remunerations Committee Chairman: José Inácio de Sousa Lima; Members: Jorge Manuel da Conceição Freitas Gonçalves, Joaquim Manuel Martins da Cunha.


31.0%

16.2%

52.8%

Private

Corporate






Heads of department 20 13 7 Specific 33 22 11 Administrative 14 4 10 Ancilliary 6 2 4

Total 73 41 32


Abroad 2 1 1 Total 75 42 33


Abroad17 1 Total 4


Active bank accounts 4,756 Active credit and debit cards - POSs -


31 December 2014

Balance Sheet

Total assets .............................................................................................................. 198,683 199,104 Loans and advances to customers ........................................................................... 51,438 50,731 Deposits from customers ........................................................................................ 120,337 117,757 Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... 47,877 48,836 Equity ...................................................................................................................... 33,959 37,129 Share capital ............................................................................................................ 20,000 20,000


Operating income .................................................................................................... 12,709 13,586 Net income before tax ............................................................................................. 213 1,021

Cash Flow Statement Net cash from operating activities .......................................................................... (68,000) (67,089)

Net cash from investing activities ........................................................................... 52,297 51,494 Net cash from financing activities ........................................................................... (1,750) (1,774) Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. (17,453) (17,369) Cash and cash equivalents at the beginning of the year ......................................... 45,295 45,338 Cash and cash equivalents at the end of the year ................................................... 27,842 27,969

Equity Total equity as at 31 December 2013 ...................................................................... 38,657 41,793

Total equity as at 31 December 2014 ...................................................................... 33,959 37,129






1. Cash and deposits at central banks ......................................................... 1,566 33,923 (32,357) -95.4% 1.1. Cash ....................................................................................................... - - - - 1.2. Deposits at central banks ...................................................................... 1,566 33,923 (32,357) -

2. Deposits at other credit institutions ........................................................ 26,449 12,183 14,266 117.1% 3. Financial assets held for trading .............................................................. 4,803 2,760 2,043 74.0%

3.1. Bonds and other fixed income securities issued by public bodies ......... - - - - 3.2. Bonds and other fixed income securities issued by other bodies .......... 3,684 554 3,130 - 3.3. Shares .................................................................................................... 339 906 (567) - 3.4. Other securities ..................................................................................... 660 833 (173) - 3.5. Derivatives ............................................................................................. 120 467 (347) -

4. Other financial assets at fair value through profit or loss ......................... 1 - 1 - 4.1. Bonds and other fixed income securities issued by public bodies ......... - - - - 4.2. Bonds and other fixed income securities issued by other bodies .......... - - - - 4.3. Shares .................................................................................................... - - - - 4.4. Other securities ..................................................................................... 1 - 1 -

5. Available-for-sale financial assets ........................................................... 52,034 111,806 (59,772) -53.5% 5.1. Bonds and other fixed income securities issued by public bodies ......... 5,390 36,154 (30,764) - 5.2. Bonds and other fixed income securities issued by other bodies .......... 37,423 63,989 (26,566) - 5.3. Shares .................................................................................................... 1,520 4,403 (2,883) - 5.4. Other securities ..................................................................................... 8,123 7,301 822 - 5.5. Provisions and impairments .................................................................. (422) (41) (381) -

6. Loans and advances to credit institutions ................................................ 48,569 19,119 29,450 154.0% 6.1. Interbank money market ....................................................................... - - - - 6.2. Deposits ................................................................................................. 48,569 19,119 29,450 - 6.3. Loans ..................................................................................................... - - - - 6.4. Other loans and advances ..................................................................... - - - - 6.5. Purchase operations with resale agreements ....................................... - - - - 6.6. Provisions and impairments .................................................................. - - - -

7. Loans and advances to customers ........................................................... 51,438 39,047 12,391 31.7% 7.1. Loans not represented by securities ..................................................... 49,402 39,016 10,386 - 7.2. Non-derecognised securitised loans ...................................................... - - - - 7.3. Other loans and amounts receivable (secured) ..................................... - - - - 7.4. Overdue loans and interest ................................................................... 6,885 125 6,760 - 7.5. Provisions and impairments .................................................................. (4,849) (94) (4,755) -

8. Held-to-maturity investments ................................................................. - - - - 8.1. Bonds and other fixed income securities issued by public bodies ......... - - - - 8.2. Bonds and other fixed income securities issued by other bodies .......... - - - - 8.3. Provisions and impairments .................................................................. - - - -

9. Assets with repurchase agreements ........................................................ - - - - 10. Hedging derivatives ................................................................................ - - - - 11. Non-current assets held for sale .............................................................. 86 - 86 -

11.1. Gross amount ...................................................................................... 86 - 86 - 11.2. Provisions and impairments ................................................................ - - - -

12. Investment properties ............................................................................ - - - - 12.1. Gross amount ...................................................................................... - - - - 12.2. Provisions, impairments and depreciation .......................................... - - - -

13. Other tangible assets .............................................................................. 1,784 1,615 169 10.5% 13.1. Gross amount ...................................................................................... 5,921 5,531 390 - 13.2. Provisions, impairments and depreciation .......................................... (4,137) (3,916) (221) -

14. Intangible assets ..................................................................................... 122 163 (41) -25.2% 14.1. Gross amount ...................................................................................... 2,330 2,172 158 - 14.2. Provisions, impairments and depreciation .......................................... (2,208) (2,009) (199) -

15. Investments in subsidiaries, associates and joint ventures ...................... 314 314 - 0.0% 15.1. Gross amount ...................................................................................... 914 914 - - 15.2. Provisions and impairments ................................................................ (600) (600) - -

16. Current income tax assets ....................................................................... 2,587 286 2,301 804.5% 17. Deferred income tax assets ..................................................................... 244 301 (57) -18.9% 18. Other assets ........................................................................................... 8,686 7,342 1,344 18.3%

18.1. Gross amount ...................................................................................... 8,686 7,342 1,344 - 18.2. Provisions and impairments ................................................................ - - - - Total Assets 198,683 228,859 (30,176) -13.2%





1. Deposits from central banks ..................................................................... 17,229 75,997 (58,768) -77.3%

2. Financial liabilities held for trading ........................................................... 1,959 96 1,863 1.940.6%

3. Other financial liabilities at fair value through profit or loss ...................... - - - -

4. Deposits from other credit institutions ..................................................... 692 9,115 (8,423) -92.4%

4.1. Deposits .................................................................................................. 520 67 453 -

4.2. Interbank money market ........................................................................ - - - -

4.3. Loans ....................................................................................................... 172 812 (640) -

4.4. Sale operations with repurchase agreements ......................................... - 8,236 (8,236) -

4.5. Other funds ............................................................................................. - - - -

5. Deposits from customers .......................................................................... 120,337 95,089 25,248 26.6%

5.1. Demand deposits .................................................................................... 47,919 33,456 14,463 -

5.2. Term deposits ......................................................................................... 72,418 61,633 10,785 -

5.3. Savings accounts ..................................................................................... - - - -

5.4. Other funds ............................................................................................. - - - -

6. Debt securities issued ............................................................................... - - - -

6.1. Certificates of deposit ............................................................................. - - - -

6.2. Bonds ...................................................................................................... - - - -

6.3. Other liabilities ........................................................................................ - - - -

7. Financial liabilities associated with transferred assets .............................. - - - -

8. Hedging derivatives .................................................................................. - - - -

9. Non-current liabilities held for sale ........................................................... - - - -

10. Provisions ................................................................................................ 858 817 41 5.0%

11. Current income tax liabilities .................................................................... - - - -

12. Deferred income tax liabilities .................................................................. - - - -

13. Equity instruments ................................................................................... - - - -

14. Other subordinated liabilities ................................................................... - - - -

15. Other liabilities ........................................................................................ 23,649 9,088 14,561 160.2%

Total Liabilities 164,724 190,202 (25,478) -13.4%

Equity

16. Share capital ............................................................................................ 20,000 20,000 - 0.0%

17. Share premiums ....................................................................................... 369 369 - 0.0%

18. Other equity instruments ......................................................................... - - - -

19. Treasury stock .......................................................................................... - - - -

20. Revaluation reserves ................................................................................ (310) 1,979 (2,289) -115.7%

21. Other reserves and retained earnings ....................................................... 13,863 9,260 4,603 49.7%

22. Net income for the year............................................................................ 37 7,049 (7,012) -99.5%

23. Prepaid dividends ..................................................................................... - - - -

Total Equity 33,959 38,657 (4,698) -12.2%

Total Liabilities + Equity 198,683 228,859 (30,176) -13.2%





1. Interest and similar income ................................................................................. 5,793 7,861 (2,068) - 2. Interest and similar expense ............................................................................... 2,066 3,039 (973) -

3. Net interest income ...................................................................... 3,727 4,822 (1,095) -22.7% 4. Income from equity instruments ......................................................................... 68 - 68 - 5. Fee and commission income ............................................................................... 4,915 3,499 1,416 - 6. Fee and commission expenses ............................................................................ (905) (782) (123) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (3,100) 7,331 (10,431) - 8. Net gains from available-for-sale financial assets ............................................... 5,646 3,616 2,030 - 9. Net gains from foreign exchange differences ...................................................... 1,530 (385) 1,915 -

10. Net gains from sale of other assets ..................................................................... 966 1,470 (504) - 11. Other operating income and expense ................................................................. (138) (580) 442 -

12. Operating income ......................................................................... 12,709 18,991 (6,282) -33.1% 13. Personnel costs ................................................................................................... 3,430 3,373 57 - 14. General administrative expenses ........................................................................ 4,130 3,717 413 - 15. Depreciation and amortization ........................................................................... 547 875 (328) - 16. Provisions net of reversals .................................................................................. (172) 579 (751) -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 36 28 8 -

18. Impairment on other financial assets net of reversals ........................................ 4,525 - 4,525 - 19. Impairment on other assets net of reversals ....................................................... - (340) 340 -

20. Net income before tax ...................................................................... 213 10,759 (10,546) -98.0% 21. Current tax .......................................................................................................... 119 3,718 (3,599) - 22. Deferred tax ........................................................................................................ 57 (8) 65 - 23. Net income for the year 37 7,049 (7,012) -99.5%

Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013


Net income for the year ............................................................................................ 37 7,049 (7,012) -99.5% Available-for-sale financial assets

Gains/ (losses) arising during the year ........................................................................ (3,257) 1,396 (4,653) - Reclassification adjustments for gains/ (losses) included in the profit or loss............. - - - - Taxes ........................................................................................................................... - - - - Pension fund ................................................................................................................... (696) 148 (844) - Other movements ........................................................................................................... 968 (162) 1,130 - Other comprehensive income for the year ..................................................................... (2,985) 1,382 (4,367) -316.0% Total comprehensive income for the year (2,948) 8,431 (11,379) -135.0%




Share Capital

Share premiums


Treasury stock

Fair value reserve

Other reserves and retained

earnings

Net income for the

year

Total shareholder

s’ equity

Balances as at December 31st 2013 20,000 369 - - 2,517 8,722 7,049 38,657


Changes in fair value, net of taxes ........................... - - - - (3,253) - - (3,253)

Pension fund – transitional arrangements ............... - - - - - (696) - (696)

Other movements.................................................... - - - - - 964 - 964

Net income for the year ................................................ - - - - - - 37 37

Total gains and losses recognised in the year - - - - (3,253) 268 37 (2,948)

Capital increase ............................................................. - - - - - - - -

Issue / reimbursement of other capital instruments ..... - - - - - - - -

Transfer to reserves ....................................................... - - - - - 5,299 (5,299) -

Dividends on ordinary shares ........................................ - - - - - - (1,750) (1,750)

Prepaid dividends .......................................................... - - - - - - - -

Changes in treasury stock .............................................. - - - - - - - -

Share based payment scheme ....................................... - - - - - - - -

Other movements ......................................................... - - - - - - - -

Balances as at December 31st 2014 20,000 369 - - (736) 14,289 37 33,959



Separate cash flow statement 31-Dec-14 31-Dec-13 Change 2014 – 2013


Cash flows from operating activities ........................................................... Interest and similar income received........................................................ 6,565 8,166 (1,601) -

Interest and similar expenses paid ........................................................... (2,983) (2,837) (146) - Fees and commissions received ............................................................... 4,937 4,345 592 - Fees and commissions paid ...................................................................... (904) (786) (118) - Recovery of loans ..................................................................................... - - - - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers ............................................. (7,558) (7,154) (404) -

Sub-total .................................................................................................... 57 1,734 (1,677) -

Changes in operating assets and liabilities Deposits at central banks ......................................................................... (57,990) (15,000) (42,990) -

Financial assets and liabilities at fair value through profit or loss............. (182) (18,852) 18,670 - Loans and advances to credit institutions................................................. (29,449) (14,330) (15,119) - Deposits from credit institutions .............................................................. (7,754) (8,220) 466 - Loans and advances to customers ............................................................ (11,201) 717 (11,918) - Deposits from customers .......................................................................... 25,357 17,054 8,303 - Hedging derivatives .................................................................................. - - - - Other operating assets and liabilities ....................................................... 15,582 9,604 5,978 -

Net cash from operating activities before income tax ................................. (65,580) (27,293) (38,287) -140,3% Income tax paid ........................................................................................ (2,420) (9,152) 6,732 -

Net cash from operating activities .............................................................. (68,000) (36,445) (31,555) -86,6%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................ - - - -

Divestment of subsidiaries and associates ............................................... - 539 (539) - Dividends received ................................................................................... - - - - Acquisition of available-for-sale financial assets ...................................... - (69,619) 69,619 - Sale of available-for-sale financial assets .................................................. 52,958 - 52,958 - Held-to-maturity investments .................................................................. - 95,049 (95,049) - Acquisition of tangible and intangible assets ............................................ (677) (924) 247 - Sale of tangible and intangible assets ....................................................... 16 36 (20) -

Net cash from investing activities ............................................................... 52,297 25,081 27,216 108,5%

Cash flows from financing activities Capital increase ........................................................................................ - - - -

Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................ - - - - Issue / reimbursement of subordinated liabilities .................................... - - - - Treasury stock .......................................................................................... - - - - Dividends paid .......................................................................................... (1,750) (2,500) 750 -

Net cash from financing activities ............................................................... (1,750) (2,500) 750 30,0%

Net changes in cash and cash equivalents ................................................... (17,453) (13,864) (3,589) -25,9% Cash and cash equivalents at the beginning of the year ........................... 45,295 59,159 (13,864) - Effect of exchange rate changes on cash and cash equivalents ................ - - - -

Net changes in cash and cash equivalents ................................................... (17,453) (13,864) (3,589) -25,9% Cash and cash equivalents at the end of the year 27,842 45,295 (17,453) -38,5%


I.5. Banco Comercial Português, S.A.

Banco Comercial Português, S.A.


General Information Head Office: Praça D. João I, n.º 28; 4000-295 Porto. Phone number: 211 134 001 Fax: 210 066 844 Website:

www.millenniumbcp.pt

Corporate Boards Board of Directors Chairman: António Vitor Martins Monteiro; Vice-Chairmen: Nuno Manuel da Silva Amado, Carlos José da Silva; Executive Directors: Miguel Maya Dias Pinheiro, Miguel de Campos Pereira de Bragança, Rui Manuel da

Silva Teixeira, Luis Maria França de Castro Pereira Coutinho, Maria da Conceição Mota Soares de Oliveira Callé Lucas, José Jacinto Iglésias Soares;

Non-Executive Directors: Alvaro Roque de Pinho Bissaia Barreto, André Magalhães Luiz Gomes, António Luís Guerra Nunes Mexia, António Henriques de Pinho Cardão, Jaime de Macedo Santos Bastos, João Bernardo Bastos Mendes Resende, José Guilherme Xavier de Basto, João Manuel de Matos Loureiro, Raquel Rute da Costa David Vunge, Bernardo de Sá Braamcamp Sobral Sottomayor (*), José Rodrigues de Jesus (*);

Executive Committee Chairman: Nuno Manuel da Silva Amado; Vice-Chairmen: Miguel Maya Dias Pinheiro, Miguel de Campos Pereira de Bragança; Other Members: Rui Manuel da Silva Teixeira, Luis Maria França de Castro Pereira Coutinho, Maria

da Conceição Mota Soares de Oliveira Callé Lucas, José Jacinto Iglésias Soares; Board of the General Meeting of Shareholders

Chairman: António Manuel da Rocha e Menezes Cordeiro; Vice-Chairman: Manuel António de Castro Portugal Carneiro da Frada; Secretary: Ana Isabel dos Santos de Pina Cabral; ROC/ SROC (Statutory Auditor) SROC: KPMG & Associados, SROC, S.A., representado por Ana Cristina Soares Valente

Dourado; Alternate: Jean-Éric Gaign; Company Secretary: Ana Isabel dos Santos de Pina Cabral; Audit Committee Chairman: João Manuel de Matos Loureiro; Members: José Guilherme Xavier de Basto, Jaime de Macedo Santos Bastos, José Rodrigues

de Jesus (*); Corporate Governance Committee Chairman: António Vitor Martins Monteiro; Members: António Luis Guerra Nunes Mexia, André Magalhães Luiz Gomes; Remuneration and Welfare Board Chairman: José Manuel Archer Galvão Teles; Members: Manuel Soares Pinto Barbosa, José Luciano Vaz Marcos, Bernardo de Sá

Braamcamp Sobral Sottomayor (*); Commission for Nominations and Remunerations

Chairman: Carlos José da Silva; Members: Álvaro Roque de Pinho Bissaia Barreto, António Henriques de Pinho Cardão, José

Guilherme Xavier de Basto, Bernardo de Sá Braamcamp Sobral Sottomayor (*); Commission for Risk Assessment Chairman: João Bernardo Bastos Mendes Resende; Members: António Henriques de Pinho Cardão, Bernardo de Sá Braamcamp Sobral

Sottomayor (*); Commission for Ethics and Professional Conduct

Chairman: António Vitor Martins Monteiro; Members: Álvaro Roque de Pinho Bissaia Barreto, António Henriques de Pinho Cardão.

(*) Appointed by the Government for the duration of the state aid to increase own funds.




Stock Performance


34.8%

33.5%

31.6%

0.1% Private

Corporate

Institutional


0.10

0.11

0.13 0.13

0.11 0.11 0.11 0.10 0.10 0.09

0.08

0.07

0,00

0,02

0,04

0,06

0,08

0,10

0,12

0,14

€

Banco Comercial Português, S.A., share price





Heads of department 2,188 1,617 571 Specific 5,022 2,679 2,343 Administrative 319 171 148 Ancilliary 19 13 6

Total 7,548 4,480 3,068


Abroad 43 24 19 Total 7,591 4,504 3,087






31 December 2014

Balance Sheet

Total assets .............................................................................................................. 57,406,596 76,360,916 Loans and advances to customers ........................................................................... 36,760,931 53,685,648 Deposits from customers ........................................................................................ 35,055,898 49,816,736 Debt securities issued .............................................................................................. 4,588,188 5,709,569 Subordinated liabilities ............................................................................................ 1,256,231 1,262,538 Loans and advances to / and deposits from credit institutions ............................... (3,395,372) (2,692,456) Equity ...................................................................................................................... 2,876,387 4,986,907 Share capital ............................................................................................................ 3,706,690 3,877,865

Income Statement Net interest income ................................................................................................. 425,040 1,116,151

Operating income .................................................................................................... 1,734,679 2,215,679 Net income before tax ............................................................................................. (955,306) (214,235)

Cash Flow Statement Net cash from operating activities .......................................................................... 2,153,681 (923,582)

Net cash from investing activities ........................................................................... 6,024,096 3,224,209 Net cash from financing activities ........................................................................... (9,703,945) (3,801,703) Effect of exchange rate changes on cash and cash equivalents .............................. - 10,604 Net changes in cash and cash equivalents .............................................................. (1,526,168) (1,501,076) Cash and cash equivalents at the beginning of the year ......................................... 2,282,942 3,993,693 Cash and cash equivalents at the end of the year ................................................... 756,774 2,503,221


Total equity as at 31 December 2014 ...................................................................... 2,876,387 4,986,907






1. Cash and deposits at central banks ............................................................. 532,837 1,523,700 (990,863) -65.0% 1.1. Cash ........................................................................................................... 315,807 336,801 (20,994) - 1.2. Deposits at central banks .......................................................................... 217,030 1,186,899 (969,869) -

2. Deposits at other credit institutions ............................................................ 223,937 759,242 (535,305) -70.5% 3. Financial assets held for trading .................................................................. 1,336,286 1,115,415 220,871 19.8%

3.1. Bonds and other fixed income securities issued by public bodies ............. 267,351 281,580 (14,229) - 3.2. Bonds and other fixed income securities issued by other bodies .............. 98,991 64,596 34,395 - 3.3. Shares ........................................................................................................ 361 247 114 - 3.4. Other securities ......................................................................................... 1,023 1,768 (745) - 3.5. Derivatives ................................................................................................. 968,560 767,224 201,336 -

4. Other financial assets at fair value through profit or loss ............................ - - - - 4.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 4.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 4.3. Shares ........................................................................................................ - - - - 4.4. Other securities ......................................................................................... - - - -

5. Available-for-sale financial assets ............................................................... 5,515,871 11,255,868 (5,739,997) -51.0% 5.1. Bonds and other fixed income securities issued by public bodies ............. 2,138,110 3,682,828 (1,544,718) - 5.2. Bonds and other fixed income securities issued by other bodies .............. 1,263,571 5,810,328 (4,546,757) - 5.3. Shares ........................................................................................................ 2,489,556 2,081,457 408,099 - 5.4. Other securities ......................................................................................... 4,077 4,925 (848) - 5.5. Provisions and impairments ...................................................................... (379,443) (323,670) (55,773) -

6. Loans and advances to credit institutions ................................................... 1,268,991 7,829,386 (6,560,395) -83.8% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 260,450 2,925,724 (2,665,274) - 6.3. Loans ......................................................................................................... 32,174 4,280,351 (4,248,177) - 6.4. Other loans and advances ......................................................................... 992,834 634,111 358,723 - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... (16,467) (10,800) (5,667) -

7. Loans and advances to customers ............................................................... 36,760,931 40,298,300 (3,537,369) -8.8% 7.1. Loans not represented by securities ......................................................... 35,395,891 35,657,748 (261,857) - 7.2. Non-derecognised securitised loans .......................................................... 9,153 2,712,290 (2,703,137) - 7.3. Other loans and amounts receivable (secured) ......................................... 2,056,074 2,318,003 (261,929) - 7.4. Overdue loans and interest ....................................................................... 3,886,550 3,825,376 61,174 - 7.5. Provisions and impairments ...................................................................... (4,586,737) (4,215,117) (371,620) -

8. Held-to-maturity investments..................................................................... 2,311,181 3,110,330 (799,149) -25.7% 8.1. Bonds and other fixed income securities issued by public bodies ............. 1,917,366 2,044,981 (127,615) - 8.2. Bonds and other fixed income securities issued by other bodies .............. 393,815 1,065,349 (671,534) - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... 53,157 50,643 2,514 5.0% 11. Non-current assets held for sale ................................................................. 1,109,939 986,088 123,851 12.6%

11.1. Gross amount .......................................................................................... 1,427,035 1,334,638 92,397 - 11.2. Provisions and impairments .................................................................... (317,096) (348,550) 31,454 -

12. Investment properties ................................................................................ - - - - 12.1. Gross amount .......................................................................................... - - - - 12.2. Provisions, impairments and depreciation .............................................. - - - -

13. Other tangible assets .................................................................................. 212,874 233,134 (20,260) -8.7% 13.1. Gross amount .......................................................................................... 984,558 1,009,697 (25,139) - 13.2. Provisions, impairments and depreciation .............................................. (771,684) (776,563) 4,879 -

14. Intangible assets......................................................................................... 9,888 12,045 (2,157) -17.9% 14.1. Gross amount .......................................................................................... 23,592 24,832 (1,240) - 14.2. Provisions, impairments and depreciation .............................................. (13,704) (12,787) (917) -

15. Investments in subsidiaries, associates and joint ventures .......................... 4,048,111 4,349,067 (300,956) -6.9% 15.1. Gross amount .......................................................................................... 7,853,170 7,803,108 50,062 - 15.2. Provisions and impairments .................................................................... (3,805,059) (3,454,041) (351,018) -

16. Current income tax assets........................................................................... 7,454 9,453 (1,999) -21.1% 17. Deferred income tax assets......................................................................... 2,817,914 2,508,358 309,556 12.3% 18. Other assets ............................................................................................... 1,197,225 2,751,260 (1,554,035) -56.5%

18.1. Gross amount .......................................................................................... 1,463,070 2,932,326 (1,469,256) - 18.2. Provisions and impairments .................................................................... (265,845) (181,066) (84,779) - Total Assets 57,406,596 76,792,289 (19,385,693) -25.2%





1. Deposits from central banks .......................................................................... 6,056,724 11,190,557 (5,133,833) -45.9%

2. Financial liabilities held for trading ................................................................ 806,480 725,486 80,994 11.2%

3. Other financial liabilities at fair value through profit or loss ........................... - - - -

4. Deposits from other credit institutions .......................................................... 4,664,363 5,409,722 (745,359) -13.8% 4.1. Deposits ........................................................................................................ 1,915,360 4,368,714 (2,453,354) - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ 693,333 651,333 42,000 - 4.4. Sale operations with repurchase agreements .............................................. 1,908,667 176,138 1,732,529 - 4.5. Other funds .................................................................................................. 147,003 213,537 (66,534) -

5. Deposits from customers ............................................................................... 35,055,898 34,851,314 204,584 0.6% 5.1. Demand deposits.......................................................................................... 10,071,168 9,833,511 237,657 - 5.2. Term deposits ............................................................................................... 23,198,172 23,006,800 191,372 - 5.3. Savings accounts .......................................................................................... 1,245,336 1,410,765 (165,429) - 5.4. Other funds .................................................................................................. 541,222 600,238 (59,016) -

6. Debt securities issued .................................................................................... 4,588,188 12,643,311 (8,055,123) -63.7% 6.1. Certificates of deposit .................................................................................. - - - - 6.2. Bonds ........................................................................................................... 4,195,660 12,331,286 (8,135,626) - 6.3. Other liabilities ............................................................................................. 392,528 312,025 80,503 -

7. Financial liabilities associated with transferred assets .................................... - 3,104,497 (3,104,497) -100.0%

8. Hedging derivatives ....................................................................................... 28,547 53,393 (24,846) -46.5%

9. Non-current liabilities held for sale ................................................................ - - - -

10. Provisions...................................................................................................... 544,756 371,407 173,349 46.7%

11. Current income tax liabilities ......................................................................... 2,917 2,572 345 13.4%

12. Deferred income tax liabilities ....................................................................... - - - -

13. Equity instruments ........................................................................................ 763,134 3,026,070 (2,262,936) -74.8%

14. Other subordinated liabilities ........................................................................ 1,256,231 2,958,694 (1,702,463) -57.5%

15. Other liabilities .............................................................................................. 762,971 680,980 81,991 12.0%


Equity

16. Share capital ................................................................................................. 3,706,690 3,500,000 206,690 5.9%

17. Share premiums ............................................................................................ - - - -

18. Other equity instruments .............................................................................. 9,853 9,853 - 0.0%

19. Treasury stock ............................................................................................... (1,239) (1,209) (30) -2.5%

20. Revaluation reserves ..................................................................................... 113,246 71,683 41,563 58.0%

21. Other reserves and retained earnings ............................................................ (267,739) 152,689 (420,428) -275.3%

22. Net income for the year ................................................................................. (684,424) (1,958,730) 1,274,306 65.1%

23. Prepaid dividends .......................................................................................... - - - - Total Equity 2,876,387 1,774,286 1,102,101 62.1% Total Liabilities + Equity 57,406,596 76,792,289 (19,385,693) -25.2%





1. Interest and similar income ................................................................................. 1,966,827 2,616,769 (649,942) - 2. Interest and similar expense ............................................................................... 1,541,787 2,376,115 (834,328) -

3. Net interest income ...................................................................... 425,040 240,654 184,386 76.6% 4. Income from equity instruments ......................................................................... 374,425 334,656 39,769 - 5. Fee and commission income ............................................................................... 522,684 572,193 (49,509) - 6. Fee and commission expenses ............................................................................ (81,567) (91,793) 10,226 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (38,410) 73,390 (111,800) - 8. Net gains from available-for-sale financial assets ............................................... 394,142 55,860 338,282 - 9. Net gains from foreign exchange differences ...................................................... 13,708 13,652 56 -

10. Net gains from sale of other assets ..................................................................... 226,047 (22,741) 248,788 - 11. Other operating income and expense ................................................................. (101,390) (190,466) 89,076 -

12. Operating income ......................................................................... 1,734,679 985,405 749,274 76.0% 13. Personnel costs ................................................................................................... 401,033 538,777 (137,744) - 14. General administrative expenses ........................................................................ 268,303 291,119 (22,816) - 15. Depreciation and amortization ........................................................................... 25,031 27,970 (2,939) - 16. Provisions net of reversals .................................................................................. 203,178 (7,637) 210,815 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 1,158,366 1,337,061 (178,695) -

18. Impairment on other financial assets net of reversals ........................................ 134,986 96,624 38,362 - 19. Impairment on other assets net of reversals ....................................................... 499,088 1,129,763 (630,675) -

20. Net income before tax ...................................................................... (955,306) (2,428,272) 1,472,966 60.7% 21. Current tax .......................................................................................................... 5,641 39,644 (34,003) - 22. Deferred tax ........................................................................................................ (276,523) (509,186) 232,663 - 23. Net income for the year (684,424) (1,958,730) 1,274,306 65.1% Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013


Net income for the year ............................................................................................ (684,424) (1,958,730) 1,274,306 65.1% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 57,658 15,206 42,452 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ (16,095) (6,746) (9,349) - Pension fund ................................................................................................................... (13,375) (13,037) (338) - Other movements ........................................................................................................... (437,725) (28,754) (408,971) - Other comprehensive income for the year ................................................................ (409,537) (33,331) (376,206) -1,128.7% Total comprehensive income for the year (1,093,961) (1,992,061) 898,100 45.1%




Share Capital Share premiums


Treasury stock

Fair value reserve

Other reserves and

retained earnings



equity

Balances as at December 31st 2013 3,500,000 - 9,853 (1,209) 71,683 (1,806,041) - 1,774,286


Changes in fair value, net of taxes .................... - - - - - - - -

Pension fund – transitional arrangements ........ - - - - - (13,375) - (13,375)

Other movements ............................................. - - - - - - - -

Net income for the year .......................................... - - - - - - (684,424) (684,424)

Total gains and losses recognised in the year - - - - - (13,375) (684,424) (697,799)

Capital increase ...................................................... 206,690 - - - - 1,989,403 - 2,196,093

Issue of other capital instruments .......................... - - - - - - - -

Transfer to reserves ................................................ - - - - - - - -

Dividends on ordinary shares.................................. - - - - - - - -

Prepaid dividends ................................................... - - - - - - - -

Changes in treasury stock ....................................... - - - - - - - -

Share based payment scheme ................................ - - - - - - - -

Other movements................................................... - - - (30) 41,563 (437,726) - (396,193)

Balances as at December 31st 2014 3,706,690 - 9,853 (1,239) 113,246 (267,739) (684,424) 2,876,387





Cash flows from operating activities Interest and similar income received........................................................ 1,634,972 2,158,923 (523,951) -

Interest and similar expenses paid ........................................................... (1,675,416) (2,090,236) 414,820 - Fees and commissions received ............................................................... 636,444 709,976 (73,532) - Fees and commissions paid ...................................................................... (259,783) (357,616) 97,833 - Recovery of loans ..................................................................................... 12,449 12,951 (502) - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers ............................................. (845,836) (837,037) (8,799) -

Sub-total .................................................................................................... (497,170) (403,039) (94,131) -

Changes in operating assets and liabilities Deposits at central banks ......................................................................... 969,869 832,806 137,063 -

Financial assets and liabilities at fair value through profit or loss............. - - - - Loans and advances to credit institutions................................................. 6,496,511 4,978,791 1,517,720 - Deposits from credit institutions .............................................................. (5,782,187) (1,569,289) (4,212,898) - Loans and advances to customers ............................................................ 3,627,070 3,028,713 598,357 - Deposits from customers .......................................................................... (984,464) 1,493,020 (2,477,484) - Hedging derivatives .................................................................................. 27,360 (65,285) 92,645 - Other operating assets and liabilities ....................................................... (1,701,806) (1,976,668) 274,862 -

Net cash from operating activities before income tax ................................. 2,155,183 6,319,049 (4,163,866) -65.9% Income tax paid ........................................................................................ (1,502) (36,395) 34,893 -

Net cash from operating activities .............................................................. 2,153,681 6,282,654 (4,128,973) -65.7%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................ 953,962 - 953,962 -

Divestment of subsidiaries and associates ............................................... (829) - (829) - Dividends received ................................................................................... 374,425 334,656 39,769 - Acquisition of available-for-sale financial assets ...................................... 16,349,924 9,981,007 6,368,917 - Sale of available-for-sale financial assets .................................................. (12,523,943) (12,076,677) (447,266) - Held-to-maturity investments .................................................................. (1,570,721) (1,948,159) 377,438 - Acquisition of tangible and intangible assets ............................................ 2,457,981 3,209,367 (751,386) - Sale of tangible and intangible assets ....................................................... (16,703) (14,436) (2,267) -

Net cash from investing activities ............................................................... 6,024,096 (514,242) 6,538,338 1,271.5%

Cash flows from financing activities Capital increase ........................................................................................ 2,241,690 - 2,241,690 -

Issue of bonds and other debt securities .................................................. 3,587,091 6,025,919 (2,438,828) - Reimbursement of bonds and other debt securities ................................ (11,640,899) (12,626,942) 986,043 - Issue / reimbursement of subordinated liabilities .................................... (3,891,827) 2,015 (3,893,842) - Treasury stock .......................................................................................... - - - - Dividends paid .......................................................................................... - - - -

Net cash from financing activities ............................................................... (9,703,945) (6,599,008) (3,104,937) -47.1%

Net changes in cash and cash equivalents ................................................... (1,526,168) (830,596) (695,572) -83.7% Cash and cash equivalents at the beginning of the year ........................... 2,282,942 3,113,538 (830,596) - Effect of exchange rate changes on cash and cash equivalents ................ - - - -

Net changes in cash and cash equivalents ................................................... (1,526,168) (830,596) (695,572) -83.7% Cash and cash equivalents at the end of the year 756,774 2,282,942 (1,526,168) -66.9%


I.6. Banco ActivoBank, S.A.



General Information Head Office: Rua Augusta, n.º 84; 1100-053 Lisboa. Phone number: 210 030 700 Fax: 211 136 982 Website:

www.activobank.pt

Corporate Boards Board of Directors Chairman: Luis Maria França de Castro Pereira Coutinho; Executive Directors: Nelson Ricardo Bessa Machado, Carlos Alberto Alves; Board of the General Meeting of Shareholders

Chairman: Banco Comercial Português, S.A.; Secretary: Ana Isabel dos Santos de Pina Cabral, Maria Manuela Nunes Rodrigues dos Anjos; Audit Board Chairman: Joaquim Patricio da Silva; Members: Leopoldo de Assunção Alves; Alternate: João José Carvalho Pereira; ROC/ SROC (Statutory Auditor) ROC: KPMG & Associados, SROC, S.A., representado por Ana Cristina Soares Valente

Dourado; Company Secretary: Ana Isabel dos Santos Pina Cabral; Remunerations Committee Chairman: Luis Maria França de Castro Pereira Coutinho.


100.0%

Corporate





Heads of department 50 33 17 Specific 82 43 39 Administrative 7 1 6 Ancilliary - - -

Total 139 77 62


Abroad - - - Total 139 77 62


Abroad19 - Total 14


Active bank accounts 57,698 Active credit and debit cards 132,309 POSs 16


31 December 2014

Balance Sheet

Total assets .............................................................................................................. 559,334 - Loans and advances to customers ........................................................................... 16,563 - Deposits from customers ........................................................................................ 517,939 - Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... 8,001 - Equity ...................................................................................................................... 36,600 - Share capital ............................................................................................................ 17,500 -




Net cash from investing activities ........................................................................... (285,331) - Net cash from financing activities ........................................................................... - - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. 3,585 - Cash and cash equivalents at the beginning of the year ......................................... 24,732 - Cash and cash equivalents at the end of the year ................................................... 28,317 -

Equity

Total equity as at 31 December 2013 ...................................................................... 23,652 - Total equity as at 31 December 2014 ...................................................................... 36,600 -






1. Cash and deposits at central banks ............................................................. 139 100 39 39.0% 1.1. Cash ........................................................................................................... 139 99 40 - 1.2. Deposits at central banks .......................................................................... - 1 (1) -

2. Deposits at other credit institutions ............................................................ 28,178 24,632 3,546 14.4% 3. Financial assets held for trading .................................................................. - - - -

3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. - - - -


5. Available-for-sale financial assets ............................................................... 497,024 184,047 312,977 170.1% 5.1. Bonds and other fixed income securities issued by public bodies ............. 495,767 182,790 312,977 - 5.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 5.3. Shares ........................................................................................................ 1,286 1,286 - - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... (29) (29) - -

6. Loans and advances to credit institutions ................................................... 8,001 205,054 (197,053) -96.1% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 8,001 205,054 (197,053) - 6.3. Loans ......................................................................................................... - - - - 6.4. Other loans and advances ......................................................................... - - - - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 16,563 15,432 1,131 7.3% 7.1. Loans not represented by securities ......................................................... 16,525 15,424 1,101 - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... - - - - 7.4. Overdue loans and interest ....................................................................... 514 509 5 - 7.5. Provisions and impairments ...................................................................... (476) (501) 25 -

8. Held-to-maturity investments..................................................................... - - - - 8.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 8.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... - - - - 11. Non-current assets held for sale ................................................................. - - - -

11.1. Gross amount .......................................................................................... - - - - 11.2. Provisions and impairments .................................................................... - - - -


13. Other tangible assets .................................................................................. 2,187 2,545 (358) -14.1% 13.1. Gross amount .......................................................................................... 3,846 3,804 42 - 13.2. Provisions, impairments and depreciation .............................................. (1,659) (1,259) (400) -

14. Intangible assets......................................................................................... 64 173 (109) -63.0% 14.1. Gross amount .......................................................................................... 402 905 (503) - 14.2. Provisions, impairments and depreciation .............................................. (338) (732) 394 -

15. Investments in subsidiaries, associates and joint ventures .......................... - - - - 15.1. Gross amount .......................................................................................... - - - - 15.2. Provisions and impairments .................................................................... - - - -

16. Current income tax assets........................................................................... - 74 (74) -100.0% 17. Deferred income tax assets......................................................................... - 3,189 (3,189) -100.0% 18. Other assets ............................................................................................... 7,178 5,826 1,352 23.2%

18.1. Gross amount .......................................................................................... 7,178 5,826 1,352 - 18.2. Provisions and impairments .................................................................... - - - - Total Assets 559,334 441,072 118,262 26.8%





1. Deposits from central banks .......................................................................... - - - -

2. Financial liabilities held for trading ................................................................ - - - -


4. Deposits from other credit institutions .......................................................... - - - - 4.1. Deposits ........................................................................................................ - - - - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. - - - -

5. Deposits from customers ............................................................................... 517,939 413,911 104,028 25.1%

5.1. Demand deposits.......................................................................................... 133,067 100,954 32,113 -

5.2. Term deposits ............................................................................................... 340,501 260,781 79,720 -

5.3. Savings accounts .......................................................................................... 40,293 48,434 (8,141) -

5.4. Other funds .................................................................................................. 4,078 3,742 336 -

6. Debt securities issued .................................................................................... - - - -

6.1. Certificates of deposit .................................................................................. - - - -

6.2. Bonds ........................................................................................................... - - - -

6.3. Other liabilities ............................................................................................. - - - -

7. Financial liabilities associated with transferred assets .................................... - - - -

8. Hedging derivatives ....................................................................................... - - - -


10. Provisions...................................................................................................... 349 292 57 19.5%

11. Current income tax liabilities ......................................................................... 431 - 431 -

12. Deferred income tax liabilities ....................................................................... 517 - 517 -

13. Equity instruments ........................................................................................ - - - -

14. Other subordinated liabilities ........................................................................ - - - -

15. Other liabilities .............................................................................................. 3,498 3,217 281 8.7%

Total Liabilities 522,734 417,420 105,314 25.2%

Equity

16. Share capital ................................................................................................. 17,500 41,000 (23,500) -57.3%

17. Share premiums ............................................................................................ - - - -

18. Other equity instruments .............................................................................. - - - -

19. Treasury stock ............................................................................................... - - - -


21. Other reserves and retained earnings ............................................................ 1,112 (17,192) 18,304 106.5%

22. Net income for the year ................................................................................. 5,038 (2,934) 7,972 271.7%

23. Prepaid dividends .......................................................................................... - - - -

Total Equity 36,600 23,652 12,948 54.7%

Total Liabilities + Equity 559,334 441,072 118,262 26.8%





1. Interest and similar income ................................................................................. 11,208 6,212 4,996 - 2. Interest and similar expense ............................................................................... 8,724 9,576 (852) -

3. Net interest income ...................................................................... 2,484 (3,364) 5,848 173.8% 4. Income from equity instruments ......................................................................... 45 37 8 - 5. Fee and commission income ............................................................................... 11,809 13,604 (1,795) - 6. Fee and commission expenses ............................................................................ (352) (180) (172) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. - - - - 8. Net gains from available-for-sale financial assets ............................................... 5,625 3 5,622 - 9. Net gains from foreign exchange differences ...................................................... 76 (8) 84 -

10. Net gains from sale of other assets ..................................................................... - - - - 11. Other operating income and expense ................................................................. (236) (129) (107) -

12. Operating income ......................................................................... 19,451 9,963 9,488 95.2% 13. Personnel costs ................................................................................................... 5,905 6,629 (724) - 14. General administrative expenses ........................................................................ 6,673 6,787 (114) - 15. Depreciation and amortization ........................................................................... 539 732 (193) - 16. Provisions net of reversals .................................................................................. 57 116 (59) -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 81 (14) 95 -

18. Impairment on other financial assets net of reversals ........................................ - - - - 19. Impairment on other assets net of reversals ....................................................... - - - -

20. Net income before tax ...................................................................... 6,196 (4,287) 10,483 244.5% 21. Current tax .......................................................................................................... 838 59 779 - 22. Deferred tax ........................................................................................................ 320 (1,412) 1,732 - 23. Net income for the year 5,038 (2,934) 7,972 271.7% Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013


Net income for the year .................................................................................................. 5,038 (2,934) 7,972 271.7% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 13,551 3,658 9,893 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ (3,379) (1,003) (2,376) - Pension Fund .................................................................................................................. (6) (7) 1 - Other movements ........................................................................................................... (2,256) (932) (1,324) - Other comprehensive income for the year ..................................................................... 7,910 1,716 6,194 361.0% Total comprehensive income for the year 12,948 (1,218) 14,166 1,163.1%




Share Capital

Share premiums


Treasury stock

Fair value reserve

Other reserves


Net income for the

year


equity

Balances as at December 31st 2013 41,000 - - - 2,778 (20,126) - 23,652


Changes in fair value, net of taxes ........................... - - - - - - - -

Pension fund – transitional arrangements ............... - - - - - - - -

Other movements.................................................... - - - - - - - -

Net income for the year ................................................ - - - - - - 5,038 5,038

Total gains and losses recognised in the year - - - - - - 5,038 5,038

Capital increase ............................................................. (23,500) - - - - 23,500 - -

Issue of other capital instruments ................................. - - - - - - - -

Transfer to reserves ....................................................... - - - - - - - -

Dividends on ordinary shares ........................................ - - - - - - - -




Other movements ......................................................... - - - - 10,172 (2,262) - 7,910

Balances as at December 31st 2014 17,500 - - - 12,950 1,112 5,038 36,600





Cash flows from operating activities Interest and similar income received ........................................................ 1,860 1,626 234 -

Interest and similar expenses paid ............................................................ (8,488) (9,804) 1,316 - Fees and commissions received ................................................................ 11,503 14,499 (2,996) - Fees and commissions paid ....................................................................... (352) (174) (178) - Recovery of loans ...................................................................................... 64 6 58 - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers .............................................. (13,322) (13,089) (233) -

Sub-total .................................................................................................... (8,735) (6,936) (1,799) -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... (978) (788) (190) -

Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. 197,000 106,000 91,000 - Deposits from credit institutions ............................................................... - (1) 1 - Loans and advances to customers ............................................................. (927) (3,256) 2,329 - Deposits from customers .......................................................................... 103,871 67,783 36,088 - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ (1,247) 1,628 (2,875) -

Net cash from operating activities before income tax ................................. 288,984 164,430 124,554 75.7% Income tax paid ......................................................................................... (68) (75) 7 -

Net cash from operating activities .............................................................. 288,916 164,355 124,561 75.8%


Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 45 37 8 - Acquisition of available-for-sale financial assets ....................................... (806,466) (179,067) (627,399) - Sale of available-for-sale financial assets .................................................. 521,162 4,595 516,567 - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (72) (46) (26) - Sale of tangible and intangible assets ........................................................ - - - -

Net cash from investing activities ............................................................... (285,331) (174,481) (110,850) -63,5%


Issue of bonds and other debt securities ................................................... - - - - Reimbursement of bonds and other debt securities ................................. - - - - Issue / reimbursement of subordinated liabilities ..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - - - -

Net cash from financing activities ............................................................... - - - -

Net changes in cash and cash equivalents ................................................... 3,585 (10,126) 13,711 135,4% Cash and cash equivalents at the beginning of the year............................ 24,732 34,858 (10,126) - Effect of exchange rate changes on cash and cash equivalents................. - - - -

Net changes in cash and cash equivalents ................................................... 3,585 (10,126) 13,711 135,4% Cash and cash equivalents at the end of the year 28,317 24,732 3,585 14,5%


I.7. Banco de Investimento Imobiliário, S.A.



General Information Head Office: Rua do Ouro, n.º 130; 1100-063 Lisboa. Phone number: 211 134 001 Fax: 210 066 844 Website:

www.millenniumbcp.pt

Corporate Boards Board of Directors Chairman: Miguel de Campos Pereira de Bragança; Executive Directors: Jorge Manuel Machado de Sousa Góis, Maria do Carmo Passos Coelho Ribeiro; Board of the General Meeting of Shareholders

Chairman: Banco Comercial Português, S.A.; Vice-Chairman: Ana Isabel dos Santos de Pina Cabral; Secretary: Maria Manuela Nunes Rodrigues dos Anjos; Audit Board Chairman: Leopoldo de Assunção Alves; Members: Joaquim Patrício da Silva, João Manuel Casa Nova Barão; Alternate: João José Carvalho Pereira; ROC/ SROC (Statutory Auditor) SROC: KPMG & Associados, SROC, S.A., representado por Ana Cristina Soares Valente

Dourado; Alternate: João Albino Cordeiro Augusto; Secretary: Ana Isabel dos Santos de Pina Cabral; Remunerations Committee Chairman: Luis Maria França de Castro Pereira Coutinho.


100.0%

Corporate





Heads of department - - - Specific - - - Administrative - - - Ancilliary - - -

Total - - -

Employees - by geographical distribution Portugal - - -

Abroad - - - Total - - -

Branches - by geographical distribution Portugal -

Abroad20 - Total -




31 December 2014

Balance Sheet

Total assets .............................................................................................................. 2,277,050 - Loans and advances to customers ........................................................................... 1,636,543 - Deposits from customers ........................................................................................ 1 - Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ 125,019 - Loans and advances to / and deposits from credit institutions ............................... (1,210,755) - Equity ...................................................................................................................... 150,180 - Share capital ............................................................................................................ 17,500 -




Net cash from investing activities ........................................................................... 370,072 - Net cash from financing activities ........................................................................... (895,000) - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. (261,858) - Cash and cash equivalents at the beginning of the year ......................................... 630,141 - Cash and cash equivalents at the end of the year ................................................... 368,283 -

Equity

Total equity as at 31 December 2013 ...................................................................... 90,690 - Total equity as at 31 December 2014 ...................................................................... 150,180 -






1. Cash and deposits at central banks ............................................................. - - - - 1.1. Cash ........................................................................................................... - - - - 1.2. Deposits at central banks .......................................................................... - - - -

2. Deposits at other credit institutions ............................................................ 368,283 630,141 (261,858) -41.6% 3. Financial assets held for trading .................................................................. 10,670 - 10,670 -

3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. 10,670 - 10,670 -


5. Available-for-sale financial assets ............................................................... 1,521 2,034 (513) -25.2% 5.1. Bonds and other fixed income securities issued by public bodies ............. 187 286 (99) - 5.2. Bonds and other fixed income securities issued by other bodies .............. 1,100 1,500 (400) - 5.3. Shares ........................................................................................................ 253 248 5 - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... (19) - (19) -

6. Loans and advances to credit institutions ................................................... - - - - 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... - - - - 6.3. Loans ......................................................................................................... - - - - 6.4. Other loans and advances ......................................................................... - - - - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 1,636,543 1,776,202 (139,659) -7.9% 7.1. Loans not represented by securities ......................................................... 1,715,850 1,857,906 (142,056) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... - - - - 7.4. Overdue loans and interest ....................................................................... 227,165 249,009 (21,844) - 7.5. Provisions and impairments ...................................................................... (306,472) (330,713) 24,241 -

8. Held-to-maturity investments..................................................................... 28,351 4,325,884 (4,297,533) -99.3% 8.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 8.2. Bonds and other fixed income securities issued by other bodies .............. 28,351 4,325,884 (4,297,533) - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... - - - - 11. Non-current assets held for sale ................................................................. 112,601 94,957 17,644 18.6%

11.1. Gross amount .......................................................................................... 127,094 112,734 14,360 - 11.2. Provisions and impairments .................................................................... (14,493) (17,777) 3,284 -


13. Other tangible assets .................................................................................. - 1 (1) -100.0% 13.1. Gross amount .......................................................................................... 3,810 3,812 (2) - 13.2. Provisions, impairments and depreciation .............................................. (3,810) (3,811) 1 -

14. Intangible assets......................................................................................... - - - - 14.1. Gross amount .......................................................................................... - - - - 14.2. Provisions, impairments and depreciation .............................................. - - - -

15. Investments in subsidiaries, associates and joint ventures .......................... 150 150 - 0.0% 15.1. Gross amount .......................................................................................... 150 150 - - 15.2. Provisions and impairments .................................................................... - - - -

16. Current income tax assets........................................................................... 14,432 14,458 (26) -0.2% 17. Deferred income tax assets......................................................................... 82,930 109,546 (26,616) -24.3% 18. Other assets ............................................................................................... 21,569 14,319 7,250 50.6%

18.1. Gross amount .......................................................................................... 21,573 14,390 7,183 - 18.2. Provisions and impairments .................................................................... (4) (71) 67 - Total Assets 2,277,050 6,967,692 (4,690,642) -67.3%





1. Deposits from central banks .......................................................................... 760,002 - 760,002 -

2. Financial liabilities held for trading ................................................................ 247 12 235 1,958.3%


4. Deposits from other credit institutions .......................................................... 1,210,755 5,820,767 (4,610,012) -79.2% 4.1. Deposits ........................................................................................................ 1,199,676 1,515,000 (315,324) - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - 4,250,000 (4,250,000) - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. 11,079 55,767 (44,688) -

5. Deposits from customers ............................................................................... 1 1 - 0.0%

5.1. Demand deposits.......................................................................................... - - - -

5.2. Term deposits ............................................................................................... - - - -

5.3. Savings accounts .......................................................................................... - - - -

5.4. Other funds .................................................................................................. 1 1 - 0.0%

6. Debt securities issued .................................................................................... - 895,122 (895,122) -100.0%


6.2. Bonds ........................................................................................................... - 895,122 (895,122) -





10. Provisions...................................................................................................... 17,447 18,125 (678) -3.7%

11. Current income tax liabilities ......................................................................... 12,319 - 12,319 -



14. Other subordinated liabilities ........................................................................ 125,019 140,974 (15,955) -11.3%

15. Other liabilities .............................................................................................. 1,080 2,001 (921) -46.0%


Equity

16. Share capital ................................................................................................. 17,500 217,000 (199,500) -91.9%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... (454) (153) (301) -196.7%

21. Other reserves and retained earnings ............................................................ 72,501 (67,604) 140,105 207.2%



Total Equity 150,180 90,690 59,490 65.6%






1. Interest and similar income ................................................................................. 287,499 607,121 (319,622) - 2. Interest and similar expense ............................................................................... 286,228 628,820 (342,592) -

3. Net interest income ...................................................................... 1,271 (21,699) 22,970 105.9% 4. Income from equity instruments ......................................................................... - 708 (708) - 5. Fee and commission income ............................................................................... 2,465 2,767 (302) - 6. Fee and commission expenses ............................................................................ (124) (1,450) 1,326 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (311) (53) (258) - 8. Net gains from available-for-sale financial assets ............................................... 101,359 - 101,359 - 9. Net gains from foreign exchange differences ...................................................... 370 1 369 -

10. Net gains from sale of other assets ..................................................................... 715 (2,134) 2,849 - 11. Other operating income and expense ................................................................. (7,562) 1,805 (9,367) -

12. Operating income ......................................................................... 98,183 (20,055) 118,238 589.6% 13. Personnel costs ................................................................................................... 112 13 99 - 14. General administrative expenses ........................................................................ 2,667 3,245 (578) - 15. Depreciation and amortization ........................................................................... - 2 (2) - 16. Provisions net of reversals .................................................................................. (676) (1,662) 986 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... (4,098) 37,488 (41,586) -

18. Impairment on other financial assets net of reversals ........................................ 19 - 19 - 19. Impairment on other assets net of reversals ....................................................... 121 21,165 (21,044) -

20. Net income before tax ...................................................................... 100,038 (80,306) 180,344 224.6% 21. Current tax .......................................................................................................... 12,778 48 12,730 - 22. Deferred tax ........................................................................................................ 26,627 (21,801) 48,428 - 23. Net income for the year 60,633 (58,553) 119,186 203.6% Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013


Net income for the year ........................................................................................... 60,633 (58,553) 119,186 203.6% Available-for-sale financial assets

Gains / (losses) arising during the year ....................................................................... (409) (315) (94) - Reclassification adjustments for gains/ (losses) included in the profit or loss ............ - - - - Taxes ............................................................................................................................ 108 69 39 - Pension Fund .................................................................................................................. (27) (24) (3) - Other movements .......................................................................................................... (815) - (815) - Other comprehensive income for the year ..................................................................... (1,143) (270) (873) -323.3% Total comprehensive income for the year 59,490 (58,823) 118,313 201.1%




Share Capital

Share premiums


Treasury stock

Fair value

reserve


earnings

Net income for the

year

Total shareholders’ equity

Balances as at December 31st 2013 217,000 - - - (153) (126,157) - 90,690




Other movements ................................................... - - - - - - - -



Capital increase ............................................................. (199,500) - - - - 199,500 - -


Transfer to reserves ...................................................... - - - - - - - -





Other movements ......................................................... - - - - (301) (842) - (1,143)

Balances as at December 31st 2014 17,500 - - - (454) 72,501 60,633 150,180





Cash flows from operating activities Interest and similar income received ........................................................ 31,847 38,925 (7,078) -

Interest and similar expenses paid ............................................................ (340,229) (642,957) 302,728 - Fees and commissions received ................................................................ 1,362 1,780 (418) - Fees and commissions paid ....................................................................... (809) (1,470) 661 - Recovery of loans ...................................................................................... 155 664 (509) - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers .............................................. (12,080) (14,736) 2,656 -

Sub-total .................................................................................................... (319,754) (617,794) 298,040 -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... (11,077) 9,993 (21,070) -

Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. - 931,000 (931,000) - Deposits from credit institutions ............................................................... (3,797,087) (3,069,737) (727,350) - Loans and advances to customers ............................................................. 182,638 270,679 (88,041) - Deposits from customers .......................................................................... - - - - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ 4,208,326 (7,881) 4,216,207 -

Net cash from operating activities before income tax ................................. 263,046 (2,483,740) 2,746,786 110.6% Income tax paid ......................................................................................... 24 (77) 101 -

Net cash from operating activities .............................................................. 263,070 (2,483,817) 2,746,887 110.6%


Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... - 708 (708) - Acquisition of available-for-sale financial assets ....................................... (2,797,257) - (2,797,257) - Sale of available-for-sale financial assets .................................................. 7,464,862 588,493 6,876,369 - Held-to-maturity investments ................................................................... (4,297,533) 2,500,123 (6,797,656) - Acquisition of tangible and intangible assets ............................................ - - - - Sale of tangible and intangible assets ........................................................ - - - -

Net cash from investing activities ............................................................... 370,072 3,089,324 (2,719,252) -88.0%


Issue of bonds and other debt securities ................................................... - - - - Reimbursement of bonds and other debt securities ................................. (895,000) (36,000) (859,000) - Issue / reimbursement of subordinated liabilities ..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - - - -

Net cash from financing activities ............................................................... (895,000) (36,000) (859,000) -2.386.1%

Net changes in cash and cash equivalents ................................................... (261,858) 569,507 (831,365) -146.0% Cash and cash equivalents at the beginning of the year............................ 630,141 60,634 569,507 - Effect of exchange rate changes on cash and cash equivalents................. - - - -

Net changes in cash and cash equivalents ................................................... (261,858) 569,507 (831,365) -146.0% Cash and cash equivalents at the end of the year 368,283 630,141 (261,858) -41.6%


I.8. Banco de Investimento Global, S.A.

Banco de Investimento Global, S.A.


General Information Head Office: Avenida 24 de Julho, n.º 74-76; 1200-869 Lisboa. Phone number: 213 305 300 Fax: 213 152 608 Website:

www.big.pt

Corporate Boards Board of Directors Chairman: Carlos Adolfo Coelho Figueiredo Rodrigues; Vice-Chairman: Nicholas Leo Racich; Executive Directors: Mário João Abreu Galhardo Bolota, Paulo José Caramelo de Figueiredo, Ricardo

Dias Carneiro e Gomes de Pinho; Executive Committee Chairman: Carlos Adolfo Coelho Figueiredo Rodrigues; Vice-Chairman: Nicholas Leo Racich; Other Members: Mário João Abreu Galhardo Bolota, Paulo José Caramelo de Figueiredo, Ricardo

Dias Carneiro e Gomes de Pinho; Board of the General Meeting of Shareholders

Chairman: José António de Melo Pinto Ribeiro; Secretary: João Manuel de Jesus Rufino; Audit Board Chairman: José Galamba de Oliveira; Members: Pedro Rogério Barata do Ouro Lameira, Diogo Pereira Duarte; Alternate: Jorge Alegria Garcia de Aguiar; Revisor Oficial de Contas SROC: PricewaterhouseCoopers & Associados – SROC, S.A.; Remunerations Committee Chairman: Carlos Pompeu Ramalhão Fortunato; Members: José António de Melo Pinto Ribeiro, José Galamba de Oliveira.


41.9%

7.8%

31.3%

19.0% Private

Corporate

Institutional






Heads of department 67 43 24 Specific 112 67 45 Administrative 7 - 7 Ancilliary 3 2 1

Total 189 112 77


Abroad - - - Total 189 112 77


Abroad21 - Total 15

Other banking coverage indicators ATMs n.a

Active bank accounts n.a Active credit and debit cards n.a POSs n.a


31 December 2014

Balance Sheet

Total assets .............................................................................................................. 1,458,812 1,444,517 Loans and advances to customers ........................................................................... 136,158 136,162 Deposits from customers ........................................................................................ 819,624 804,736 Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... (107,706) (107,706) Equity ...................................................................................................................... 260,656 261,369 Share capital ............................................................................................................ 104,000 104,000


Operating income .................................................................................................... 169,255 169,375 Net income before tax ............................................................................................. 124,404 124,656

Cash Flow Statement Net cash from operating activities .......................................................................... 101,068 91,258

Net cash from investing activities ........................................................................... (52,936) (43,125) Net cash from financing activities ........................................................................... (20,908) (20,908) Effect of exchange rate changes on cash and cash equivalents .............................. 2,257 2,257 Net changes in cash and cash equivalents .............................................................. 27,224 27,225 Cash and cash equivalents at the beginning of the year ......................................... 31,821 31,821 Cash and cash equivalents at the end of the year ................................................... 61,302 61,303








1. Cash and deposits at central banks ............................................................. 45,629 14,560 31,069 213.4% 1.1. Cash ........................................................................................................... 1,687 1,797 (110) - 1.2. Deposits at central banks .......................................................................... 43,942 12,763 31,179 -

2. Deposits at other credit institutions ............................................................ 59,617 30,024 29,593 98.6% 3. Financial assets held for trading .................................................................. 27,840 21,900 5,940 27.1%

3.1. Bonds and other fixed income securities issued by public bodies ............. 1,678 968 710 - 3.2. Bonds and other fixed income securities issued by other bodies .............. 10,424 5,253 5,171 - 3.3. Shares ........................................................................................................ 12,082 15,467 (3,385) - 3.4. Other securities ......................................................................................... 174 - 174 - 3.5. Derivatives ................................................................................................. 3,482 212 3,270 -

4. Other financial assets at fair value through profit or loss ............................. - - - - 4.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 4.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 4.3. Shares ........................................................................................................ - - - - 4.4. Other securities ......................................................................................... - - - -

5. Available-for-sale financial assets ............................................................... 1,090,978 874,881 216,097 24.7% 5.1. Bonds and other fixed income securities issued by public bodies ............. 729,403 571,943 157,460 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 182,231 288,092 (105,861) - 5.3. Shares ........................................................................................................ 18,379 14,846 3,533 - 5.4. Other securities ......................................................................................... 160,965 - 160,965 - 5.5. Provisions and impairments ...................................................................... - - - -

6. Loans and advances to credit institutions .................................................... 558 35,528 (34,970) -98.4% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 503 35,500 (34,997) - 6.3. Loans ......................................................................................................... 55 28 27 - 6.4. Other loans and advances ......................................................................... - - - - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 136,158 196,950 (60,792) -30.9% 7.1. Loans not represented by securities ......................................................... 22,551 24,441 (1,890) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... 113,605 172,504 (58,899) - 7.4. Overdue loans and interest ....................................................................... 197 162 35 - 7.5. Provisions and impairments ...................................................................... (195) (157) (38) -

8. Held-to-maturity investments ..................................................................... - - - - 8.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 8.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... - - - - 11. Non-current assets held for sale ................................................................. 20 204 (184) -90.2%

11.1. Gross amount .......................................................................................... 46 328 (282) - 11.2. Provisions and impairments .................................................................... (26) (124) 98 -


13. Other tangible assets .................................................................................. 15,356 16,409 (1,053) -6.4% 13.1. Gross amount .......................................................................................... 26,835 26,769 66 - 13.2. Provisions, impairments and depreciation .............................................. (11,479) (10,360) (1,119) -

14. Intangible assets ......................................................................................... 638 133 505 379.7% 14.1. Gross amount .......................................................................................... 8,178 7,592 586 - 14.2. Provisions, impairments and depreciation .............................................. (7,540) (7,459) (81) -

15. Investments in subsidiaries, associates and joint ventures .......................... 15,106 5,295 9,811 185.3% 15.1. Gross amount .......................................................................................... 15,523 5,712 9,811 - 15.2. Provisions and impairments .................................................................... (417) (417) - -

16. Current income tax assets ........................................................................... - 227 (227) -100.0% 17. Deferred income tax assets ......................................................................... 3,522 2,109 1,413 67.0% 18. Other assets ............................................................................................... 63,390 16,162 47,228 292.2%

18.1. Gross amount .......................................................................................... 63,400 16,171 47,229 - 18.2. Provisions and impairments .................................................................... (10) (9) (1) - Total Assets 1,458,812 1,214,382 244,430 20.1%





1. Deposits from central banks .......................................................................... 180,173 130,315 49,858 38.3%



4. Deposits from other credit institutions .......................................................... 108,264 143,478 (35,214) -24.5% 4.1. Deposits ........................................................................................................ 43,258 10,842 32,416 - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - 132,636 (132,636) - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. 65,006 - 65,006 -

5. Deposits from customers ............................................................................... 819,624 684,143 135,481 19.8% 5.1. Demand deposits.......................................................................................... 248,778 191,401 57,377 - 5.2. Term deposits ............................................................................................... 515,359 442,267 73,092 - 5.3. Savings accounts .......................................................................................... 410 133 277 - 5.4. Other funds .................................................................................................. 55,077 50,342 4,735 -

6. Debt securities issued .................................................................................... - - - - 6.1. Certificates of deposit .................................................................................. - - - - 6.2. Bonds ........................................................................................................... - - - - 6.3. Other liabilities ............................................................................................. - - - -


8. Hedging derivatives ....................................................................................... 22,843 7,353 15,490 210.7%


10. Provisions...................................................................................................... 15,091 4,874 10,217 209.6%

11. Current income tax liabilities ......................................................................... 14,234 16,404 (2,170) -13.2%






Equity

16. Share capital ................................................................................................. 104,000 104,000 - 0.0%

17. Share premiums ............................................................................................ 1,362 1,362 - 0.0%


19. Treasury stock ............................................................................................... (153) (1,084) 931 85.9%

20. Revaluation reserves ..................................................................................... (7,284) (2,261) (5,023) -222.2%

21. Other reserves and retained earnings ............................................................ 95,990 58,590 37,400 63.8%

22. Net income for the year ................................................................................. 82,341 58,459 23,882 40.9%

23. Prepaid dividends .......................................................................................... (15,600) (12,480) (3,120) -25.0% Total Equity 260,656 206,586 54,070 26.2% Total Liabilities + Equity 1,458,812 1,214,382 244,430 20.1%





1. Interest and similar income ................................................................................. 43,414 43,994 (580) - 2. Interest and similar expense ............................................................................... 18,294 18,252 42 -

3. Net interest income ...................................................................... 25,120 25,742 (622) -2.4% 4. Income from equity instruments ......................................................................... 661 1,812 (1,151) - 5. Fee and commission income ............................................................................... 18,282 8,105 10,177 - 6. Fee and commission expenses ............................................................................ (6,886) (1,586) (5,300) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (77,641) 7,018 (84,659) - 8. Net gains from available-for-sale financial assets ............................................... 183,744 79,261 104,483 - 9. Net gains from foreign exchange differences ...................................................... 11,257 (90) 11,347 -

10. Net gains from sale of other assets ..................................................................... 14,786 5,041 9,745 - 11. Other operating income and expense ................................................................. (68) (393) 325 -

12. Operating income ......................................................................... 169,255 124,910 44,345 35.5% 13. Personnel costs ................................................................................................... 24,080 22,219 1,861 - 14. General administrative expenses ........................................................................ 9,256 7,683 1,573 - 15. Depreciation and amortization ........................................................................... 1,028 1,135 (107) - 16. Provisions net of reversals .................................................................................. 10,242 1,824 8,418 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 71 35 36 -

18. Impairment on other financial assets net of reversals ........................................ - 125 (125) - 19. Impairment on other assets net of reversals ....................................................... 174 125 49 -

20. Net income before tax ...................................................................... 124,404 91,764 32,640 35.6% 21. Current tax .......................................................................................................... 41,845 33,219 8,626 - 22. Deferred tax ........................................................................................................ 218 86 132 - 23. Net income for the year 82,341 58,459 23,882 40.9% Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013


Net income for the year ............................................................................................ 82,341 58,459 23,882 40.9% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ (6,882) (3,473) (3,409) - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ 1,859 2,199 (340) - Pension Fund .................................................................................................................. - - - - Other movements ........................................................................................................... (2,340) (2,132) (208) - Other comprehensive income for the year ..................................................................... (7,363) (3,406) (3,957) -116.2% Total comprehensive income for the year 74,978 55,053 19,925 36.2%




Share Capital

Share premiu

ms


Treasury stock

Fair value

reserve

Other reserves and

retained earnings

Net income for the

year

Prepaid dividends

Total shareholder

s’ equity

Balances as at December 31st 2013 104,000 1,362 - (1,084) (2,261) 58,590 58,459 (12,480) 206,586


Changes in fair value, net of taxes ............................ - - - - (5,023) - - - (5,023)

Pension fund – transitional arrangements ................ - - - - - - - - -

Other movements .................................................... - - - - - (2,340) - - (2,340)

Net income for the year ................................................. - - - - - - 82,341 - 82,341

Total gains and losses recognised in the year - - - - (5,023) (2,340) 82,341 - 74,978

Capital increase .............................................................. - - - - - - - - -

Issue of other capital instruments .................................. - - - - - - - - -

Transfer to reserves ....................................................... - - - - - 39,740 (39,740) - -

Dividends on ordinary shares ......................................... - - - - - - (18,719) 12,480 (6,239)

Prepaid dividends ........................................................... - - - - - - - (15,600) (15,600)

Changes in treasury stock............................................... - - - 931 - - - - 931

Share based payment scheme ........................................ - - - - - - - - -

Other movements .......................................................... - - - - - - - - -

Balances as at December 31st 2014 104,000 1,362 - (153) (7,284) 95,990 82,341 (15,600) 260,656





Cash flows from operating activities Interest and similar income received........................................................ 47,417 43,994 3,423 -

Interest and similar expenses paid ........................................................... (18,114) (18,252) 138 - Fees and commissions .............................................................................. 15,790 6,519 9,271 - Recovery of loans ..................................................................................... - - - - Contributions to pension fund .................................................................. (4,316) (3,795) (521) - Cash payments to employees and suppliers ............................................. (25,235) (25,837) 602 - Other costs and income paid/received ..................................................... (307) (133) (174)

Sub-total .................................................................................................... 15,235 2,496 12,739 -

Variações nos activos e passivos operacionais Deposits at central banks ......................................................................... (31,179) (286) (30,893) -

Financial assets and liabilities at fair value through profit or loss............. 155 7,818 (7,663) - Loans and advances to credit institutions................................................. 34,972 1,396 33,576 - Deposits from central banks .................................................................... 50,000 (129,933) 179,933 - Deposits from credit institutions .............................................................. (34,997) 136,997 (171,994) - Loans and advances to customers ............................................................ 60,658 (4,286) 64,944 - Deposits from customers .......................................................................... 134,941 140,019 (5,078) - Hedging derivatives .................................................................................. (40,142) (3,181) (36,961) - Other operating assets and liabilities ....................................................... (43,788) 9,217 (53,005) -

Net cash from operating activities before income tax ................................. 145,855 160,257 (14,402) -9.0% Taxation on profits paid/received ............................................................. (44,787) (33,697) (11,090) -


Cash flows from investing activities Acquisition of subsidiaries and associates ................................................ (9,812) - (9,812) -

Divestment of subsidiaries and associates ............................................... - - - - Dividends received ................................................................................... 661 1,812 (1,151) - Acquisition of available-for-sale financial assets ...................................... (43,209) (98,245) 55,036 - Held-to-maturity investments .................................................................. - - - - Acquisition of tangible and intangible assets ............................................ (576) (949) 373 - Sale of tangible and intangible assets ....................................................... - - - -

Net cash from investing activities ............................................................... (52,936) (97,382) 44,446 45.6%

Cash flows from financing activities Capital increase ........................................................................................ - - - -

Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................ - - - - Issue / reimbursement of subordinated liabilities .................................... - - - - Treasury stock .......................................................................................... 931 87 844 - Dividends paid .......................................................................................... (21,839) (18,720) (3,119) -


Net changes in cash and cash equivalents ................................................... 27,224 10,545 16,679 158.2% Cash and cash equivalents at the beginning of the year ........................... 31,821 21,276 10,545 - Effect of exchange rate changes on cash and cash equivalents ................ 2,257 - 2,257 -

Net changes in cash and cash equivalents ................................................... 27,224 10,545 16,679 158.2% Cash and cash equivalents at the end of the year 61,302 31,821 29,481 92.6%



I.9. Banco Finantia, S.A.

Banco Finantia, S.A.


General Information Head Office: Rua General Firmino Miguel, n.º 5 - 1°; 1600-100 Lisboa. Phone number: 217 202 000 Fax: 217 268 638 Website:

www.finantia.pt

Corporate Boards Board of Directors Chairman: António Manuel Afonso Guerreiro; Executive Directors: Eduardo José de Belém Garcia e Costa, Maria Luisa Falcão Líbano Monteiro Antas; Non-Executive Directors: Alexandre Peter Marie Tcherepnine, Alexei Mitrofanov, Eduardo de Almeida

Catroga, Nelly Danièle Saliceti Desbarrières; Executive Committee Chairman: António Manuel Afonso Guerreiro; Vice-Chairman: Eduardo José de Belém Garcia e Costa; Other Members: Maria Luisa Falcão Líbano Monteiro Antas; Board of the General Meeting of Shareholders

Chairman: João Vieira de Almeida; Secretary: Sofia Barata; Audit Board Chairman: José Manuel de Almeida Archer; Members: António Manuel da Silva Vila Cova, Rita Correia Afonso; ROC/ SROC (Statutory Auditor) SROC: PricewaterhouseCoopers & Associados, SROC, Lda; Remunerations Committee Chairman: José Manuel de Almeida Archer; Vogal: António Manuel da Silva Vila Cova.


3.9%

62.2%

33.7%

0.2% Private

Corporate

Institutional







Total 147 89 58


Abroad - - - Total 147 89 58


Abroad23 - Total 2




31 December 2014

Balance Sheet

Total assets .............................................................................................................. 1,832,024 2,226,348 Loans and advances to customers ........................................................................... 114,527 457,301 Deposits from customers ........................................................................................ 460,860 728,175 Debt securities issued .............................................................................................. - 1,766 Subordinated liabilities ............................................................................................ 60,257 127,367 Loans and advances to / and deposits from credit institutions ............................... 132,000 (287,377) Equity ...................................................................................................................... 337,951 383,962 Share capital ............................................................................................................ 150,000 150,000



Cash Flow Statement Net cash from operating activities .......................................................................... 10,445 (5,315)

Net cash from investing activities ........................................................................... (3,867) (1,246) Net cash from financing activities ........................................................................... (82,154) (51,585) Effect of exchange rate changes on cash and cash equivalents .............................. (2,102) 2,306 Net changes in cash and cash equivalents .............................................................. (75,576) (58,146) Cash and cash equivalents at the beginning of the year ......................................... 454,453 133,071 Cash and cash equivalents at the end of the year ................................................... 376,775 77,231








1. Cash and deposits at central banks ............................................................. 25,496 49,072 (23,576) -48.0% 1.1. Cash ........................................................................................................... 34 54 (20) - 1.2. Deposits at central banks .......................................................................... 25,462 49,018 (23,556) -

2. Deposits at other credit institutions ............................................................ 18,871 9,818 9,053 92.2% 3. Financial assets held for trading .................................................................. 74,188 64,808 9,380 14.5%

3.1. Bonds and other fixed income securities issued by public bodies ............. 137 2,434 (2,297) - 3.2. Bonds and other fixed income securities issued by other bodies .............. 20,511 3,687 16,824 - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. 53,540 58,687 (5,147) -

4. Other financial assets at fair value through profit or loss ............................. - - - - 4.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 4.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 4.3. Shares ........................................................................................................ - - - - 4.4. Other securities ......................................................................................... - - - -

5. Available-for-sale financial assets ............................................................... 703,380 664,010 39,370 5.9% 5.1. Bonds and other fixed income securities issued by public bodies ............. 490,674 485,836 4,838 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 229,712 182,883 46,829 - 5.3. Shares ........................................................................................................ - 24 (24) - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... (17,006) (4,733) (12,273) -

6. Loans and advances to credit institutions .................................................... 665,217 682,600 (17,383) -2.5% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 657,258 600,055 57,203 - 6.3. Loans ......................................................................................................... - - - - 6.4. Other loans and advances ......................................................................... 1,830 54,338 (52,508) - 6.5. Purchase operations with resale agreements............................................ 6,129 28,207 (22,078) - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 114,527 191,147 (76,620) -40.1% 7.1. Loans not represented by securities ......................................................... 34,882 40,561 (5,679) - 7.2. Non-derecognised securitised loans .......................................................... 7,727 34,966 (27,239) - 7.3. Other loans and amounts receivable (secured) ......................................... 70,702 112,951 (42,249) - 7.4. Overdue loans and interest ....................................................................... 69,195 75,123 (5,928) - 7.5. Provisions and impairments ...................................................................... (67,979) (72,454) 4,475 -

8. Held-to-maturity investments ..................................................................... - - - - 8.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 8.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... - - - - 11. Non-current assets held for sale.................................................................. - - - -

11.1. Gross amount .......................................................................................... - - - - 11.2. Provisions and impairments .................................................................... - - - -

12. Investment properties ................................................................................ 578 910 (332) -36.5% 12.1. Gross amount .......................................................................................... 672 1,064 (392) - 12.2. Provisions, impairments and depreciation .............................................. (94) (154) 60 -

13. Other tangible assets .................................................................................. 7,580 3,624 3,956 109.2% 13.1. Gross amount .......................................................................................... 10,148 6,141 4,007 - 13.2. Provisions, impairments and depreciation .............................................. (2,568) (2,517) (51) -

14. Intangible assets ......................................................................................... 167 121 46 38.0% 14.1. Gross amount .......................................................................................... 254 173 81 - 14.2. Provisions, impairments and depreciation .............................................. (87) (52) (35) -

15. Investments in subsidiaries, associates and joint ventures .......................... 186,888 185,249 1,639 0.9% 15.1. Gross amount .......................................................................................... 186,888 185,249 1,639 - 15.2. Provisions and impairments .................................................................... - - - -

16. Current income tax assets ........................................................................... 602 672 (70) -10.4% 17. Deferred income tax assets ......................................................................... 1,501 6,539 (5,038) -77.0% 18. Other assets ............................................................................................... 33,029 122,128 (89,099) -73.0%

18.1. Gross amount .......................................................................................... 34,310 123,390 (89,080) - 18.2. Provisions and impairments .................................................................... (1,281) (1,262) (19) - Total Assets 1,832,024 1,980,698 (148,674) -7.5%





1. Deposits from central banks .......................................................................... 241,846 353,971 (112,125) -31.7%



4. Deposits from other credit institutions .......................................................... 533,217 572,603 (39,386) -6.9% 4.1. Deposits ........................................................................................................ 88,983 170,055 (81,072) - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. 444,164 402,396 41,768 - 4.5. Other funds .................................................................................................. 70 152 (82) -


5.1. Demand deposits.......................................................................................... 24,372 11,356 13,016 -

5.2. Term deposits ............................................................................................... 307,145 260,715 46,430 -


5.4. Other funds .................................................................................................. 129,343 142,755 (13,412) -



6.2. Bonds ........................................................................................................... - - - -


7. Financial liabilities associated with transferred assets .................................... 7,904 35,975 (28,071) -78.0%

8. Hedging derivatives ....................................................................................... 21,914 - 21,914 -


10. Provisions...................................................................................................... 2,458 2,975 (517) -17.4%

11. Current income tax liabilities ......................................................................... 5,586 810 4,776 589.6%

12. Deferred income tax liabilities ....................................................................... 8,987 - 8,987 -


14. Other subordinated liabilities ........................................................................ 60,257 124,804 (64,547) -51.7%

15. Other liabilities .............................................................................................. 8,182 77,296 (69,114) -89.4%

Total Liabilities 1,494,073 1,689,861 (195,788) -11.6%

Equity

16. Share capital ................................................................................................. 150,000 150,000 - 0.0%

17. Share premiums ............................................................................................ 25,000 25,000 - 0.0%


19. Treasury stock ............................................................................................... (2,501) - (2,501) -

20. Revaluation reserves ..................................................................................... 24,298 (692) 24,992 3.601.2%

21. Other reserves and retained earnings ............................................................ 111,876 113,498 (1,624) -1.4%



Total Equity 337,951 290,837 47,114 16.2%

Total Liabilities + Equity 1,832,024 1,980,698 (148,674) -7.5%






3. Net interest income ...................................................................... 39,910 42,160 (2,250) -5.3% 4. Income from equity instruments ......................................................................... - 2,000 (2,000) - 5. Fee and commission income ............................................................................... 6,025 2,475 3,550 - 6. Fee and commission expenses ............................................................................ (527) (641) 114 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (32,620) (30,380) (2,240) - 8. Net gains from available-for-sale financial assets ............................................... 47,317 1,672 45,645 - 9. Net gains from foreign exchange differences ...................................................... (219) (329) 110 -

10. Net gains from sale of other assets ..................................................................... 99 377 (278) - 11. Other operating income and expense ................................................................. 1,710 2,638 (928) -

12. Operating income ......................................................................... 61,695 19,972 41,723 208.9% 13. Personnel costs ................................................................................................... 5,077 4,925 152 - 14. General administrative expenses ........................................................................ 2,709 3,059 (350) - 15. Depreciation and amortization ........................................................................... 446 333 113 - 16. Provisions net of reversals .................................................................................. (3,476) (1,157) (2,319) -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... - 3,391 (3,391) -

18. Impairment on other financial assets net of reversals ........................................ 16,438 469 15,969 - 19. Impairment on other assets net of reversals ....................................................... - 93 (93) -

20. Net income before tax ...................................................................... 40,501 8,859 31,642 357.2% 21. Current tax .......................................................................................................... 6,468 1,510 4,958 - 22. Deferred tax ........................................................................................................ 4,755 4,318 437 - 23. Net income for the year 29,278 3,031 26,247 866.0%




Gains / (losses) arising during the year ........................................................................ 34,260 (7,000) 41,260 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ (9,270) 2,126 (11,396) - Pension Fund .................................................................................................................. - - - - Other movements ........................................................................................................... - - - - Other comprehensive income for the year ..................................................................... 24,990 (4,874) 29,864 612.7% Total comprehensive income for the year 54,268 (1,843) 56,111 3,044.5%




Share Capital

Share premiums


Treasury stock

Fair value reserve


earnings



Balances as at December 31st 2013 150,000 25,000 - - (692) 113,498 3,031 290,837


Changes in fair value, net of taxes ............................ - - - - 24,990 - - 24,990


Other movements .................................................... - - - - - - - -

Net income for the year ................................................. - - - - - - 29,278 29,278

Total gains and losses recognised in the year - - - - 24,990 - 29,278 54,268

Capital increase .............................................................. - - - - - - - -

Issue / reimbursement of other capital instruments ...... - - - - - - - -

Transfer to reserves ....................................................... - - - - - 3,031 (3,031) -

Dividends on ordinary shares ......................................... - - - - - (4,139) - (4,139)

Changes in treasury stock .............................................. - - - (2,501) - (514) - (3,015)


Other movements .......................................................... - - - - - - - -

Balances as at December 31st 2014 150,000 25,000 - (2,501) 24,298 111,876 29,278 337,951





Cash flows from operating activities ........................................................... Interest and similar income received ........................................................ 72,512 86,055 (13,543) -

Interest and similar expenses paid ............................................................ (34,983) (43,013) 8,030 - Fees and commissions received ................................................................ 6,070 2,244 3,826 - Fees and commissions paid ....................................................................... (527) (641) 114 - Recovery of loans ...................................................................................... 300 237 63 - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers .............................................. (7,786) (7,984) 198 -

Sub-total .................................................................................................... 35,586 36,898 (1,312) -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... (110,000) (139,245) 29,245 -

Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. (98,282) 216,960 (315,242) - Deposits from credit institutions ............................................................... (52,252) (53,780) 1,528 - Loans and advances to customers ............................................................. 148,577 63,425 85,152 - Deposits from customers .......................................................................... 60,216 (5,437) 65,653 - Hedging derivatives ................................................................................... 34,723 (16,265) 50,988 - Other operating assets and liabilities ........................................................ (6,501) 51,257 (57,758) -

Net cash from operating activities before income tax ................................. 12,067 153,813 (141,746) -92.2% Income tax paid ......................................................................................... (1,622) (1,476) (146) -


Cash flows from investing activities Acquisition of subsidiaries and associates ................................................. (500) - (500) -

Divestment of subsidiaries and associates ................................................ 750 1,500 (750) - Dividends received .................................................................................... - 2,000 (2,000) - Acquisition of available-for-sale financial assets ....................................... - - - - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (4,606) (130) (4,476) - Sale of tangible and intangible assets ........................................................ 489 102 387 -

Net cash from investing activities ............................................................... (3,867) 3,472 (7,339) -211.4%


Issue of bonds and other debt securities ................................................... - - - - Reimbursement of bonds and other debt securities ................................. - - - - Issue / reimbursement of subordinated liabilities ..................................... (75,000) - (75,000) - Treasury stock ........................................................................................... (3,015) - (3,015) - Dividends paid ........................................................................................... (4,139) - (4,139) -

Net cash from financing activities ............................................................... (82,154) - (82,154) -

Net changes in cash and cash equivalents ................................................... (75,576) 155,809 (231,385) -148.5% Cash and cash equivalents at the beginning of the year............................ 454,453 298,344 156,109 - Effect of exchange rate changes on cash and cash equivalents................. (2,102) 300 (2,402) -



I.10. Banco Invest, S.A.

Banco Invest, S.A.


General Information Head Office: Avenida Engenheiro Duarte Pacheco, Torre 1 - 11º; 1070-101 Lisboa. Phone number: 213 821 700 Fax: 213 864 984 Website:

www.bancoinvest.pt

Corporate Boards Board of Directors Chairman: Afonso Ribeiro Pereira de Sousa; Executive Directors: António Miguel Rendeiro Branco do Amaral, Francisco Manuel Ribeiro, Luis Miguel

Rocha Barradas Ferreira; Non-Executive Directors: Manuel João de Matos Silva Alves Ribeiro, João Carlos Ribeiro Pereira de Sousa,

José João Silva Ribeiro da Costa Morais; Board of the General Meeting of Shareholders

Chairman: Francisco Xavier Ferreira da Silva; Secretary: Teresa Penaguião Silva Alves Ribeiro Pereira de Sousa, Joana Rita da Silva Ribeiro

Costa Morais Villas Boas; Audit Board Chairman: Artur Carmo Barreto; Members: Rosendo José, Victor Hugo Moreira Ferreira Lemos Sousa; ROC/ SROC (Statutory Auditor) Company Secretary: Luís Augusto Gonçalves Magalhães.


100.0%

Corpor…

Banco Invest, S.A.





Total 124 93 31


Abroad - - - Total 124 93 31


Abroad24 - Total 17


Active bank accounts 3,044 Active credit and debit cards 424 POSs -


31 December 2014

Balance Sheet

Total assets .............................................................................................................. 646,056 645,759 Loans and advances to customers ........................................................................... 178,130 185,346 Deposits from customers ........................................................................................ 298,134 278,121 Debt securities issued .............................................................................................. 5,078 24,858 Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... 929 929 Equity ...................................................................................................................... 76,526 104,422 Share capital ............................................................................................................ 59,500 59,500




Net cash from investing activities ........................................................................... (29,604) (27,987) Net cash from financing activities ........................................................................... - - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. (3,292) (2,524) Cash and cash equivalents at the beginning of the year ......................................... 10,425 11,928 Cash and cash equivalents at the end of the year ................................................... 7,133 9,404




Banco Invest, S.A.




1. Cash and deposits at central banks ............................................................. 2,236 6,172 (3,936) -63.8% 1.1. Cash ........................................................................................................... 412 553 (141) - 1.2. Deposits at central banks .......................................................................... 1,824 5,619 (3,795) -

2. Deposits at other credit institutions ............................................................ 4,897 4,254 643 15.1%

3. Financial assets held for trading .................................................................. 58,984 54,877 4,107 7.5% 3.1. Bonds and other fixed income securities issued by public bodies ............. 2,289 4,507 (2,218) - 3.2. Bonds and other fixed income securities issued by other bodies .............. 50,086 45,325 4,761 - 3.3. Shares ........................................................................................................ 4,200 3,241 959 - 3.4. Other securities ......................................................................................... 8 - 8 - 3.5. Derivatives ................................................................................................. 2,401 1,804 597 -


5. Available-for-sale financial assets ............................................................... 275,689 245,202 30,487 12.4% 5.1. Bonds and other fixed income securities issued by public bodies ............. 145,536 111,666 33,870 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 121,706 125,996 (4,290) - 5.3. Shares ........................................................................................................ - 15,318 (15,318) - 5.4. Other securities ......................................................................................... 14,829 - 14,829 - 5.5. Provisions and impairments ...................................................................... (6,382) (7,778) 1,396 -

6. Loans and advances to credit institutions ................................................... 3,400 - 3,400 - 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 3,400 - 3,400 - 6.3. Loans ......................................................................................................... - - - - 6.4. Other loans and advances ......................................................................... - - - - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 178,130 224,209 (46,079) -20.6% 7.1. Loans not represented by securities ......................................................... 129,557 108,193 21,364 - 7.2. Non-derecognised securitised loans .......................................................... 19,978 105,569 (85,591) - 7.3. Other loans and amounts receivable (secured) ......................................... 32,475 9,461 23,014 - 7.4. Overdue loans and interest ....................................................................... 36,079 35,176 903 - 7.5. Provisions and impairments ...................................................................... (39,959) (34,190) (5,769) -

8. Held-to-maturity investments..................................................................... 77,280 63,787 13,493 21.2% 8.1. Bonds and other fixed income securities issued by public bodies ............. 58,589 36,195 22,394 - 8.2. Bonds and other fixed income securities issued by other bodies .............. 18,691 27,592 (8,901) - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements ............................................................ - - - -


11. Non-current assets held for sale ................................................................. 28,175 29,912 (1,737) -5.8% 11.1. Gross amount .......................................................................................... 37,036 37,635 (599) - 11.2. Provisions and impairments .................................................................... (8,861) (7,723) (1,138) -


13. Other tangible assets .................................................................................. 1,999 2,378 (379) -15.9% 13.1. Gross amount .......................................................................................... 2,463 6,061 (3,598) - 13.2. Provisions, impairments and depreciation .............................................. (464) (3,683) 3,219 -

14. Intangible assets......................................................................................... 126 270 (144) -53.3% 14.1. Gross amount .......................................................................................... 368 1,847 (1,479) - 14.2. Provisions, impairments and depreciation .............................................. (242) (1,577) 1,335 -

15. Investments in subsidiaries, associates and joint ventures .......................... 252 252 - 0.0% 15.1. Gross amount .......................................................................................... 252 252 - - 15.2. Provisions and impairments .................................................................... - - - -

16. Current income tax assets........................................................................... - 1,065 (1,065) -100.0%

17. Deferred income tax assets......................................................................... 9,660 9,955 (295) -3.0%

18. Other assets ............................................................................................... 5,228 14,847 (9,619) -64.8% 18.1. Gross amount .......................................................................................... 5,228 16,394 (11,166) - 18.2. Provisions and impairments .................................................................... - (1,547) 1,547 - Total Assets 646,056 657,180 (11,124) -1.7%

Banco Invest, S.A.




1. Deposits from central banks .......................................................................... 216,705 221,630 (4,925) -2.2%

2. Financial liabilities held for trading ................................................................ 479 384 95 24.7%


4. Deposits from other credit institutions .......................................................... 2,471 5,389 (2,918) -54.1% 4.1. Deposits ........................................................................................................ 2,471 5,389 (2,918) - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. - - - -


5.1. Demand deposits.......................................................................................... 55,733 31,027 24,706 -

5.2. Term deposits ............................................................................................... 239,143 197,157 41,986 -


5.4. Other funds .................................................................................................. 3,258 8,053 (4,795) -

6. Debt securities issued .................................................................................... 5,078 2,887 2,191 75.9%

6.1. Certificates of deposit .................................................................................. 5,009 - 5,009 -

6.2. Bonds ........................................................................................................... - - - -

6.3. Other liabilities ............................................................................................. 69 2,887 (2,818) -




10. Provisions...................................................................................................... 2,189 2,680 (491) -18.3%


12. Deferred income tax liabilities ....................................................................... 2,905 808 2,097 259.5%





Equity

16. Share capital ................................................................................................. 59,500 59,500 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -


21. Other reserves and retained earnings ............................................................ (10,373) (5,417) (4,956) -91.5%



Total Equity 76,526 51,368 25,158 49.0%


Banco Invest, S.A.




1. Interest and similar income ................................................................................. 21,302 22,123 (821) - 2. Interest and similar expense ............................................................................... 8,560 13,038 (4,478) -

3. Net interest income ...................................................................... 12,742 9,085 3,657 40.3% 4. Income from equity instruments ......................................................................... 17,000 23 16,977 - 5. Fee and commission income ............................................................................... 2,478 2,488 (10) - 6. Fee and commission expenses ............................................................................ (464) (459) (5) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 2,721 1,901 820 - 8. Net gains from available-for-sale financial assets ............................................... 5,996 2,824 3,172 - 9. Net gains from foreign exchange differences ...................................................... 561 285 276 -

10. Net gains from sale of other assets ..................................................................... (939) (452) (487) - 11. Other operating income and expense ................................................................. (132) (224) 92 -

12. Operating income ......................................................................... 39,963 15,471 24,492 158.3% 13. Personnel costs ................................................................................................... 5,068 4,882 186 - 14. General administrative expenses ........................................................................ 4,190 3,717 473 - 15. Depreciation and amortization ........................................................................... 706 854 (148) - 16. Provisions net of reversals .................................................................................. (491) 431 (922) -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 6,714 6,077 637 -

18. Impairment on other financial assets net of reversals ........................................ 2,095 1,965 130 - 19. Impairment on other assets net of reversals ....................................................... 1,138 3,072 (1,934) -

20. Net income before tax ...................................................................... 20,543 (5,527) 26,070 471.7% 21. Current tax .......................................................................................................... 2,858 330 2,528 - 22. Deferred tax ........................................................................................................ 295 (902) 1,197 - 23. Net income for the year 17,390 (4,955) 22,345 451.0%



Net income for the year ............................................................................................ 17,390 (4,955) 22,345 451.0% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 2,624 2,746 (122) - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. 7,243 - 7,243 - Taxes ............................................................................................................................ (2,099) (720) (1,379) - Pension Fund .................................................................................................................. - - - - Other movements ........................................................................................................... -

- -

Other comprehensive income for the year ..................................................................... 7,768 2,026 5,742 283.4% Total comprehensive income for the year 25,158 (2,929) 28,087 959.0%

Banco Invest, S.A.



Share Capital

Share premiums


Treasury stock

Fair value reserve


earnings



Balances as at December 31st 2013 59,500 - - - 2,240 (5,417) (4,955) 51,368



Pension fund – transitional arrangements ........ - - - - - - - -

Other movements ............................................ - - - - - - - -

Net income for the year ......................................... - - - - - - - -

Total gains and losses recognised in the year - - - - - - - -

Capital increase ...................................................... - - - - - - - - Issue / reimbursement of other capital instruments ............................................................ - - - - - - - -

Transfer to reserves ............................................... - - - - 7,769 (4,956) 22,345 25,158

Dividends on ordinary shares ................................. - - - - - - - -




Other movements .................................................. - - - - - - - -

Balances as at December 31st 2014 59,500 - - - 10,009 (10,373) 17,390 76,526

Banco Invest, S.A.




Cash flows from operating activities ........................................................... Interest and similar income received........................................................ 39,303 22,389 16,914 -

Interest and similar expenses paid ........................................................... (8,740) (12,774) 4,034 - Fees and commissions received ............................................................... 139 - 139 - Fees and commissions paid ...................................................................... - (314) 314 - Recovery of loans ..................................................................................... - - - - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers ............................................. (9,560) (8,313) (1,247) -

Sub-total .................................................................................................... 21,142 988 20,154 -

Changes in operating assets and liabilities Deposits at central banks ......................................................................... (5,000) (7,500) 2,500

Financial assets and liabilities at fair value through profit or loss............. (1,278) 20,649 (21,927) - Loans and advances to credit institutions................................................. (3,400) - (3,400) - Deposits from credit institutions .............................................................. (2,919) (1,866) (1,053) - Loans and advances to customers ............................................................ 40,207 (42,992) 83,199 - Deposits from customers .......................................................................... 61,747 51,308 10,439 - Hedging derivatives .................................................................................. - - - - Other operating assets and liabilities ....................................................... (82,780) (13,698) (69,082) -

Net cash from operating activities before income tax ................................. 27,719 6,889 20,830 302,3% Income tax paid ........................................................................................ (1,407) (1,395) (12) -

Net cash from operating activities .............................................................. 26,312 5,494 20,818 378,9%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................ - - - -

Divestment of subsidiaries and associates ............................................... - - - - Dividends received ................................................................................... - - - - Acquisition of available-for-sale financial assets ...................................... (15,927) (28,839) 12,912 - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments .................................................................. (13,493) 24,286 (37,779) - Acquisition of tangible and intangible assets ............................................ - - - - Sale of tangible and intangible assets ....................................................... (184) (110) (74) -

Net cash from investing activities ............................................................... (29,604) (4,663) (24,941) -534,9%

Cash flows from financing activities Capital increase ........................................................................................ - (2) 2 -

Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................ - - - - Issue / reimbursement of subordinated liabilities .................................... - - - - Treasury stock .......................................................................................... - - - - Dividends paid .......................................................................................... - - - -

Net cash from financing activities ............................................................... - (2) 2 100,0%

Net changes in cash and cash equivalents ................................................... (3,292) 830 (4,122) -496,7% Cash and cash equivalents at the beginning of the year ........................... 10,425 9,595 830 - Effect of exchange rate changes on cash and cash equivalents ................ - - - -

Net changes in cash and cash equivalents ................................................... (3,292) 830 (4,122) -496,7% Cash and cash equivalents at the end of the year 7,133 10,425 (3,292) -31,6%


I.11. Banif – Banco Internacional do Funchal, S.A.

Banif – Banco Internacional do Funchal, S.A.


General Information Head Office: Rua João Tavira, n.º 30; 9004-509 Funchal. Phone number: 217 211 263 Fax: 217 211 267 Website:

www.banif.pt

Corporate Boards Board of Directors Chairman: Luis Filipe Marques Amado; Executive Directors: Jorge Humberto Correia Tomé, Vítor Manuel Farinha Nunes, João Paulo Pereira

Marques de Almeida, João José Gonçalves de Sousa; Non-Executive Directors: António Ernesto Neto da Silva, Tomás de Mello Paes de Vasconcellos, Issuf Ahmad

(representante do Estado Português), Miguel Silva Artiaga Barbosa (representante do Estado Português), Fernando Mário Teixeira de Almeida;

Executive Committee Chairman: Jorge Humberto Correia Tomé; Vice-Chairman: Vítor Manuel Farinha Nunes; Other Members: João Paulo Pereira Marques de Almeida, João José Gonçalves de Sousa; Board of the General Meeting of Shareholders

Chairman: Miguel José Luís de Sousa; Secretary: Bruno Miguel dos Santos de Jesus; ROC/ SROC (Statutory Auditor) SROC: PricewaterhouseCoopers & Associados – SROC, Lda representada por José

Bernardo; Company Secretary: Bruno Miguel dos Santos de Jesus; Remunerations Committee Chairman: António Gonçalves Monteiro; Members: Filipe de Andrade e Silva Lowndes Marques, Miguel Artiaga Silva Babosa; Corporate Governance Committee Chairman: Luis Filipe Marques Amado; Vogal: Miguel Artiaga Silva Barbosa; Audit Committee Chairman: Issuf Ahmad; Members: António Ernesto Neto da Silva, Tomás Paes de Vasconcellos; Internal Risk Committee Members: Tomás Paes de Vasconcellos, Miguel Artiaga Silva Barbosa.




Stock Performance


21.0%

19.0% 68.7%

Private

Corporate

State

0.012 0.012

0.012

0.010

0.011

0.010 0.009

0.009 0.008

0.007

0.007

0.006

0,000

0,002

0,004

0,006

0,008

0,010

0,012

0,014

€

Banif S.A., share price






Total 1,916 1,128 788

Employees - by geographical distribution Portugal 1,916 1,128 788

Abroad 7 5 2 Total 1,923 1,133 790






31 December 2014

Balance Sheet

Total assets .............................................................................................................. 14,152,885 13,125,494 Loans and advances to customers ........................................................................... 6,830,774 6,854,997 Deposits from customers ........................................................................................ 6,457,816 6,499,287 Debt securities issued .............................................................................................. 358,110 1,645,607 Subordinated liabilities ............................................................................................ 152,830 181,557 Loans and advances to / and deposits from credit institutions ............................... (838,808) (631,797) Equity ...................................................................................................................... 680,988 803,486 Share capital ............................................................................................................ 1,720,700 1,720,700




Net cash from investing activities ........................................................................... (3,254) 32,413 Net cash from financing activities ........................................................................... 18,028 8,292 Effect of exchange rate changes on cash and cash equivalents .............................. (22,205) (3,685) Net changes in cash and cash equivalents .............................................................. (64,626) (140,704) Cash and cash equivalents at the beginning of the year ......................................... 231,630 348,119 Cash and cash equivalents at the end of the year ................................................... 144,799 203,730








1. Cash and deposits at central banks ............................................................. 113,341 151,114 (37,773) -25.0% 1.1. Cash ........................................................................................................... 44,265 45,257 (992) - 1.2. Deposits at central banks .......................................................................... 69,076 105,857 (36,781) -

2. Deposits at other credit institutions ............................................................ 71,819 80,516 (8,697) -10.8% 3. Financial assets held for trading .................................................................. 26,243 2,542 23,701 932.4%

3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. 42 - 42 - 3.3. Shares ........................................................................................................ - 48 (48) - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. 26,201 2,494 23,707 -

4. Other financial assets at fair value through profit or loss ............................ 174,155 180,931 (6,776) -3.7% 4.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 4.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 4.3. Shares ........................................................................................................ 436 449 (13) - 4.4. Other securities ......................................................................................... 173,719 180,482 (6,763) -

5. Available-for-sale financial assets ............................................................... 3,501,945 4,221,287 (719,342) -17.0% 5.1. Bonds and other fixed income securities issued by public bodies ............. 1,416,799 1,335,919 80,880 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 1,952,681 2,655,848 (703,167) - 5.3. Shares ........................................................................................................ - 30,602 (30,602) - 5.4. Other securities ......................................................................................... 433,211 344,953 88,258 - 5.5. Provisions and impairments ...................................................................... (300,746) (146,035) (154,711) -

6. Loans and advances to credit institutions ................................................... 302,593 279,711 22,882 8.2% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 19,251 19,251 - - 6.3. Loans ......................................................................................................... 295,782 231,901 63,881 - 6.4. Other loans and advances ......................................................................... 10,794 10,722 72 - 6.5. Purchase operations with resale agreements ........................................... 32,506 17,874 14,632 - 6.6. Provisions and impairments ...................................................................... (55,740) (37) (55,703) -

7. Loans and advances to customers ............................................................... 6,830,774 7,205,286 (374,512) -5.2% 7.1. Loans not represented by securities ......................................................... 3,032,876 4,010,986 (978,110) - 7.2. Non-derecognised securitised loans .......................................................... 3,526,474 3,020,876 505,598 - 7.3. Other loans and amounts receivable (secured) ......................................... 277,227 169,345 107,882 - 7.4. Overdue loans and interest ....................................................................... 1,056,409 773,014 283,395 - 7.5. Provisions and impairments ...................................................................... (1,062,212) (768,935) (293,277) -

8. Held-to-maturity investments..................................................................... 5,461 12,081 (6,620) -54.8% 8.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 8.2. Bonds and other fixed income securities issued by other bodies .............. 5,461 12,081 (6,620) - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements ............................................................ 1,127,062 495,353 631,709 127.5% 10. Hedging derivatives .................................................................................... - - - - 11. Non-current assets held for sale ................................................................. 824,747 586,463 238,284 40.6%

11.1. Gross amount .......................................................................................... 1,055,326 756,852 298,474 - 11.2. Provisions and impairments .................................................................... (230,579) (170,389) (60,190) -

12. Investment properties ................................................................................ 47,252 51,673 (4,421) -8.6% 12.1. Gross amount .......................................................................................... 58,383 58,111 272 - 12.2. Provisions, impairments and depreciation .............................................. (11,131) (6,438) (4,693) -

13. Other tangible assets .................................................................................. 22,571 32,949 (10,378) -31.5% 13.1. Gross amount .......................................................................................... 112,466 123,314 (10,848) - 13.2. Provisions, impairments and depreciation .............................................. (89,895) (90,365) 470 -

14. Intangible assets......................................................................................... 9,327 12,326 (2,999) -24.3% 14.1. Gross amount .......................................................................................... 64,873 62,159 2,714 - 14.2. Provisions, impairments and depreciation .............................................. (55,546) (49,833) (5,713) -

15. Investments in subsidiaries, associates and joint ventures .......................... 202,285 468,410 (266,125) -56.8% 15.1. Gross amount .......................................................................................... 612,845 711,785 (98,940) - 15.2. Provisions and impairments .................................................................... (410,560) (243,375) (167,185) -

16. Current income tax assets........................................................................... 420 1,152 (732) -63.5% 17. Deferred income tax assets......................................................................... 224,198 181,360 42,838 23.6% 18. Other assets ............................................................................................... 668,692 726,678 (57,986) -8.0%

18.1. Gross amount .......................................................................................... 701,383 759,422 (58,039) - 18.2. Provisions and impairments .................................................................... (32,691) (32,744) 53 - Total Assets 14,152,885 14,689,832 (536,947) -3.7%





1. Deposits from central banks ......................................................................... 1,493,682 2,918,424 (1,424,742) -48.8%

2. Financial liabilities held for trading ............................................................... 9,797 13,790 (3,993) -29.0%

3. Other financial liabilities at fair value through profit or loss .......................... - - - -

4. Deposits from other credit institutions ......................................................... 1,141,401 489,576 651,825 133.1% 4.1. Deposits ...................................................................................................... 223,327 118,223 105,104 - 4.2. Interbank money market ............................................................................ - - - - 4.3. Loans ........................................................................................................... 135,549 143,203 (7,654) - 4.4. Sale operations with repurchase agreements ............................................. 762,832 225,000 537,832 - 4.5. Other funds ................................................................................................. 19,693 3,150 16,543 -

5. Deposits from customers.............................................................................. 6,457,816 6,303,216 154,600 2.5%

5.1. Demand deposits ........................................................................................ 1,382,481 1,161,255 221,226 -

5.2. Term deposits ............................................................................................. 3,849,921 3,956,887 (106,966) -

5.3. Savings accounts ......................................................................................... 1,181,080 1,130,445 50,635 -

5.4. Other funds ................................................................................................. 44,334 54,629 (10,295) -

6. Debt securities issued .................................................................................. 358,110 454,843 (96,733) -21.3%

6.1. Certificates of deposit ................................................................................. 36,630 26,559 10,071 -

6.2. Bonds .......................................................................................................... 316,932 423,279 (106,347) -

6.3. Other liabilities ............................................................................................ 4,548 5,005 (457) -

7. Financial liabilities associated with transferred assets .................................. 3,412,505 2,938,704 473,801 16.1%

8. Hedging derivatives ...................................................................................... - - - -

9. Non-current liabilities held for sale............................................................... - - - -

10. Provisions .................................................................................................... 55,940 157,657 (101,717) -64.5%

11. Current income tax liabilities ........................................................................ 1,118 889 229 25.8%

12. Deferred income tax liabilities ...................................................................... - - - -

13. Equity instruments ....................................................................................... 140,158 270,058 (129,900) -48.1%

14. Other subordinated liabilities ....................................................................... 152,830 119,958 32,872 27.4%

15. Other liabilities ............................................................................................ 248,540 188,140 60,400 32.1%


Equity

16. Share capital ................................................................................................ 1,720,700 1,582,195 138,505 8.8%

17. Share premiums ........................................................................................... 199,765 199,765 - 0.0%

18. Other equity instruments ............................................................................. - - - -

19. Treasury stock .............................................................................................. - - - -

20. Revaluation reserves .................................................................................... 44,584 (27,039) 71,623 264.9%

21. Other reserves and retained earnings ........................................................... (921,044) (426,003) (495,041) -116.2%

22. Net income for the year ............................................................................... (363,017) (494,341) 131,324 26.6%

23. Prepaid dividends ........................................................................................ - - - -

Total Equity 680,988 834,577 (153,589) -18.4%







3. Net interest income ...................................................................... 130,750 117,392 13,358 11.4% 4. Income from equity instruments ......................................................................... 451 1,013 (562) - 5. Fee and commission income ............................................................................... 79,828 79,677 151 - 6. Fee and commission expenses ............................................................................ (15,127) (18,827) 3,700 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (19,152) (13,293) (5,859) - 8. Net gains from available-for-sale financial assets ............................................... 113,568 31,207 82,361 - 9. Net gains from foreign exchange differences ...................................................... 1,458 1,699 (241) -

10. Net gains from sale of other assets ..................................................................... 21,675 (18,236) 39,911 - 11. Other operating income and expense ................................................................. (5,237) 18,170 (23,407) -

12. Operating income ......................................................................... 308,214 198,802 109,412 55.0% 13. Personnel costs ................................................................................................... 115,841 106,213 9,628 - 14. General administrative expenses ........................................................................ 53,811 65,570 (11,759) - 15. Depreciation and amortization ........................................................................... 13,531 15,741 (2,210) - 16. Provisions net of reversals .................................................................................. (104,672) 46,164 (150,836) -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 206,945 243,257 (36,312) -

18. Impairment on other financial assets net of reversals ........................................ 214,191 (9,503) 223,694 - 19. Impairment on other assets net of reversals ....................................................... 214,737 167,354 47,383 -

20. Net income before tax ...................................................................... (406,170) (435,994) 29,824 6.8% 21. Current tax .......................................................................................................... 5,864 7,846 (1,982) - 22. Deferred tax ........................................................................................................ (74,681) (34,075) (40,606) -

23. Net income for the year (337,353) (409,765) 72,412 17.7% 24. (25,664) (84,576) 58,912 - 25. (363,017) (494,341) 131,324 26.6%



Net income for the year ............................................................................................ (363,017) (494,341) 131,324 26.6% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 118,810 (4,099) 122,909 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ (33,899) 1,163 (35,062) - Pension Fund .................................................................................................................. (393) (393) - - Other movements ........................................................................................................... (13,288) (7,200) (6,088) - Other comprehensive income for the year ..................................................................... 71,230 (10,529) 81,759 776.5% Total comprehensive income for the year (291,787) (504,870) 213,083 42.2%

26This separate income statement abides by the format published by Banif – Banco Internacional do Funchal, S.A. in its report. For the aggregate analysis in the Activity Report, these items were reclassified in accordance with the APB format, which is the same as that of the Banco de Portugal.




Share Capital Share premiums


Treasury stock

Fair value reserve


earnings



equity

Balances as at December 31st 2013 1,582,195 199,765 - - (27,039) (426,003) (494,341) 834,577




Other movements ............................................ - - - - - - - -

Net income for the year ......................................... - - - - 71,623 (393) (363,017) (291,787)

Total gains and losses recognised in the year - - - - 71,623 (393) (363,017) (291,787)

Capital increase ...................................................... 138,505 - - - - (307) - 138,198 Issue / reimbursement of other capital instruments ............................................................ - - - - - - - -

Transfer to reserves ............................................... - - - - - (494,341) 494,341 -





Other movements .................................................. - - - - - - - -

Balances as at December 31st 2014 1,720,700 199,765 - - 44,584 (921,044) (363,017) 680,988





Operating activities Operating results Net income for the year ............................................................................ (363,017) (494,341) 131,324 -

Profit/loss on discontinued operations ..................................................... 25,664 84,576 (58,912) - Value adjustments relating to loans .......................................................... 206,868 243,257 (36,389) - Impairment losses ..................................................................................... 429,006 157,851 271,155 - Provisions for the period ........................................................................... (104,671) 46,164 (150,835) - Depreciation for the period ....................................................................... 13,531 15,741 (2,210) - Allocation to taxes for the period .............................................................. (68,817) (26,229) (42,588) - Derivatives (net) ........................................................................................ (27,694) 2,927 (30,621) - Dividend income ........................................................................................ (451) (1,013) 562 - Interest paid on subordinated liabilities .................................................... 23,142 36,014 (12,872) -

Sub-total................................................................................................. 133,561 64,947 68,614 -

Changes in operating assets and liabilities (Increase) / decrease in finan. assets at fair value through profit or loss .. 6,776 6,987 (211) -

(Increase) / decrease in available-for-sale financial assets ........................ 679,584 (407,214) 1,086,798 - (Increase) / decrease in loans and advances to other credit institutions .. (78,585) 561,644 (640,229) - (Increase) / decrease in loans and advances to customers ....................... 167,644 478,845 (311,201) - (Increase) / decrease in assets with repurchase agreements .................... (631,709) (379,071) (252,638) - (Increase) / decrease in investments held to maturity .............................. 6,620 (12,081) 18.701 - (Increase) /decrease in non-current assets held for sale ........................... (297,748) (201,473) (96,275) - (Increase) / decrease in other assets ......................................................... 85,412 (34,308) 119,720 - Increase / (decrease) in deposits from central banks ................................ (1,424,742) 504,219 (1,928,961) - Increase / (decrease) in other financial liabilities at fair value through profit or loss .............................................................................................. - - - - Increase / (decrease) in deposits from other credit institutions................ 651,824 (444,165) 1,095,989 - Increase / (decrease) in deposits from customers ..................................... 154,600 (916,463) 1,071,063 - Increase / (decrease) in financial liabilities associated with transferred assets ......................................................................................................... 473,801 (297,491) 771,292 - Increase / (decrease) in debt securities issued .......................................... (96,733) (74,303) (22,430) - Increase / (decrease) in other liabilities .................................................... 63,355 (20,601) 83,956 - Income tax ................................................................................................. 26,940 (11,360) 38,300 -

Sub-total................................................................................................. (212,961) (1,246,835) 1,033,874 -

Net cash from operating activities .............................................................. (79,400) (1,181,888) 1,102,488 93.3%

Actividades de investimento Acquisition of subsidiaries ......................................................................... - - - -

Sale of investments ................................................................................... - - - - Acquisition of tangible assets .................................................................... (647) (2,029) 1,382 - Sale of tangible assets ............................................................................... - - - - Acquisition of intangible assets ................................................................. (2,714) (1,565) (1,149) - Sale of intangible assets ............................................................................ - 2,486 (2,486) - Acquisition of investment properties ........................................................ (1,376) (4,620) 3,244 - Sale of investment properties ................................................................... 1,032 1,800 (768) - Dividends received .................................................................................... 451 1,013 (562) -

Net cash from investing activities ............................................................... (3,254) (2,915) (339) -11.6%

Financing activities Increase in share capital ............................................................................ 138,198 1,007,618 (869,420) -

Dividends paid in the period ...................................................................... - - - - Reimbursement of subordinated liabilities ............................................... 32,872 (70,863) 103,735 - Interest paid on subordinated liabilities .................................................... (23,142) (36,014) 12,872 - Issue of non-subordinated bonds .............................................................. - - - - Reimbursement of equity instruments ...................................................... (129,900) 258,049 (387,949) -

Net cash from financing activities ............................................................... 18,028 1,158,790 (1,140,762) -98.4%

Changes in cash and cash equivalents ......................................................... (64,626) (26,013) (38,613) -148.4% Cash and cash equivalents at the beginning of the year............................ 231,630 246,823 (15,193) -6.2% Effect of exchange rate changes on cash and cash equivalents................. (22,205) 10,820 (33,025) - Cash and cash equivalents at the end of the year ..................................... 144,799 231,630 (86,831) -37.5%

Changes in cash and cash equivalents (86,831) (15,193) (71,638) -471.5%



I.12. Banif – Banco de Investimento, S.A.

Banif – Banco de Investimento, S.A.


General Information Head Office: Avenida 24 de Julho, n.º 98 - 1º; 1200-870 Lisboa. Phone number: 213 816 200 Fax: 213 816 201 Website:

www.banifib.pt

Corporate Boards Board of Directors Chairman: Jorge Humberto Correia Tomé; Executive Directors: Raul Manuel Nunes da Costa Simões Marques, Pedro Brandão de Mello e Castro,

Jorge Abreu Parreira Pereira Moya; Administrador Não Executivo: Vitor Manuel Farinha Nunes; Executive Committee Chairman: Raul Manuel Nunes da Costa Simões Marques; Other Members: Pedro Brandão de Mello e Castro, Jorge Abreu Parreira Pereira Moya; Board of the General Meeting of Shareholders

Chairman: Miguel José Luís de Sousa; Secretary: Bruno Miguel dos Santos de Jesus; Audit Board Chairman: Manuel Heleno Sismeiro; Members: Teresa Lucinda Camoesas Castelo, Rui Braga de Almeida; ROC/ SROC (Statutory Auditor) SROC: PricewaterhouseCoopers & Associados – SROC, Lda, representada por José

Bernardo; Company Secretary: Bruno Miguel dos Santos de Jesus; Alternate: Ângela Maria S. Cardoso S. Lourenço.


100.0%

Corporate






Total 42 27 15


Abroad - - - Total 42 27 15


Abroad28 - Total 1




31 December 2014

Balance Sheet

Total assets .............................................................................................................. 332,840 - Loans and advances to customers ........................................................................... 94,921 - Deposits from customers ........................................................................................ 143,276 - Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ 17,182 - Loans and advances to / and deposits from credit institutions ............................... (106,493) - Equity ...................................................................................................................... 25,637 - Share capital ............................................................................................................ 85,000 -


Operating income .................................................................................................... 1,617 - Net income before tax ............................................................................................. (33,247) -


Net cash from investing activities ........................................................................... 22,370 - Net cash from financing activities ........................................................................... - - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. 27,034 - Cash and cash equivalents at the beginning of the year ......................................... 20,334 - Cash and cash equivalents at the end of the year ................................................... 47,368 -








1. Cash and deposits at central banks ............................................................. 449 1,111 (662) -59.6% 1.1. Cash ........................................................................................................... 2 2 - - 1.2. Deposits at central banks .......................................................................... 447 1,109 (662) -

2. Deposits at other credit institutions ............................................................ 26,587 19,223 7,364 38.3%

3. Financial assets held for trading .................................................................. 38,419 33,317 5,102 15.3% 3.1. Bonds and other fixed income securities issued by public bodies ............. 735 2,275 (1,540) - 3.2. Bonds and other fixed income securities issued by other bodies .............. 13,989 16,859 (2,870) - 3.3. Shares ........................................................................................................ 669 6 663 - 3.4. Other securities ......................................................................................... 722 - 722 - 3.5. Derivatives ................................................................................................. 22,304 14,177 8,127 -

4. Other financial assets at fair value through profit or loss ............................ 57,045 68,642 (11,597) -16.9% 4.1. Bonds and other fixed income securities issued by public bodies ............. - 83 (83) - 4.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 4.3. Shares ........................................................................................................ - 2,370 (2,370) - 4.4. Other securities ......................................................................................... 57,045 66,189 (9,144) -

5. Available-for-sale financial assets ............................................................... 30,632 53,092 (22,460) -42.3% 5.1. Bonds and other fixed income securities issued by public bodies ............. 409 334 75 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 217 206 11 - 5.3. Shares ........................................................................................................ 32,001 63,094 (31,093) - 5.4. Other securities ......................................................................................... 10,834 10,833 1 - 5.5. Provisions and impairments ...................................................................... (12,829) (21,375) 8,546 -

6. Loans and advances to credit institutions ................................................... 13,040 11,009 2,031 18.4% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... - - - - 6.3. Loans ......................................................................................................... 12,840 11,009 1,831 - 6.4. Other loans and advances ......................................................................... 200 - 200 - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 94,921 342,584 (247,663) -72.3% 7.1. Loans not represented by securities ......................................................... 97,112 308,350 (211,238) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... 3,224 14,687 (11,463) - 7.4. Overdue loans and interest ....................................................................... 1,242 52,465 (51,223) - 7.5. Provisions and impairments ...................................................................... (6,657) (32,918) 26,261 -




11. Non-current assets held for sale ................................................................. 4,478 18,337 (13,859) -75.6% 11.1. Gross amount .......................................................................................... 6,027 23,606 (17,579) - 11.2. Provisions and impairments .................................................................... (1,549) (5,269) 3,720 -


13. Other tangible assets .................................................................................. 497 652 (155) -23.8% 13.1. Gross amount .......................................................................................... 3,259 3,514 (255) - 13.2. Provisions, impairments and depreciation .............................................. (2,762) (2,862) 100 -

14. Intangible assets......................................................................................... 2,071 2,625 (554) -21.1% 14.1. Gross amount .......................................................................................... 8,099 8,097 2 - 14.2. Provisions, impairments and depreciation .............................................. (6,028) (5,472) (556) -

15. Investments in subsidiaries, associates and joint ventures .......................... 10,003 9,970 33 0.3% 15.1. Gross amount .......................................................................................... 10,793 10,760 33 - 15.2. Provisions and impairments .................................................................... (790) (790) - -

16. Current income tax assets........................................................................... - - - -

17. Deferred income tax assets......................................................................... 17,696 13,233 4,463 33.7%

18. Other assets ............................................................................................... 37,002 40,681 (3,679) -9.0% 18.1. Gross amount .......................................................................................... 37,253 40,792 (3,539) - 18.2. Provisions and impairments .................................................................... (251) (111) (140) - Total Assets 332,840 614,476 (281,636) -45.8%





1. Deposits from central banks .......................................................................... - 140,777 (140,777) -100.0%



4. Deposits from other credit institutions .......................................................... 119,533 172,686 (53,153) -30.8% 4.1. Deposits ........................................................................................................ 36,318 16,984 19,334 - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ 48,348 100,360 (52,012) - 4.4. Sale operations with repurchase agreements .............................................. 32,507 12,458 20,049 - 4.5. Other funds .................................................................................................. 2,360 42,884 (40,524) -

5. Deposits from customers ............................................................................... 143,276 209,222 (65,946) -31.5%

5.1. Demand deposits.......................................................................................... 72,310 61,391 10,919 -

5.2. Term deposits ............................................................................................... 70,966 147,831 (76,865) -


5.4. Other funds .................................................................................................. - - - -

6. Debt securities issued .................................................................................... - 175 (175) -100.0%


6.2. Bonds ........................................................................................................... - 175 (175) -





10. Provisions...................................................................................................... 697 3,038 (2,341) -77.1%

11. Current income tax liabilities ......................................................................... 39 189 (150) -79.4%



14. Other subordinated liabilities ........................................................................ 17,182 17,182 - 0.0%



Equity

16. Share capital ................................................................................................. 85,000 85,000 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... 82 (2,967) 3,049 102.8%


22. Net income for the year ................................................................................. (28,344) (27,480) (864) -3.1%


Total Equity 25,637 50,932 (25,295) -49.7%







3. Net interest income ...................................................................... 3,181 6,632 (3,451) -52.0% 4. Income from equity instruments ......................................................................... 6,433 1,611 4,822 - 5. Fee and commission income ............................................................................... 6,246 6,634 (388) - 6. Fee and commission expenses ............................................................................ (842) (1,136) 294 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (11,328) (7,725) (3,603) - 8. Net gains from available-for-sale financial assets ............................................... 528 5,707 (5,179) - 9. Net gains from foreign exchange differences ...................................................... 234 72 162 -

10. Net gains from sale of other assets ..................................................................... - 104 (104) - 11. Other operating income and expense ................................................................. (2,835) (775) (2,060) -

12. Operating income ......................................................................... 1,617 11,124 (9,507) -85.5% 13. Personnel costs ................................................................................................... 3,675 2,873 802 - 14. General administrative expenses ........................................................................ 3,089 3,497 (408) - 15. Depreciation and amortization ........................................................................... 709 1,026 (317) - 16. Provisions net of reversals .................................................................................. (2,369) (831) (1,538) -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 19,373 19,991 (618) -

18. Impairment on other financial assets net of reversals ........................................ 10,238 13,671 (3,433) - 19. Impairment on other assets net of reversals ....................................................... 149 1,988 (1,839) -

20. Net income before tax ...................................................................... (33,247) (31,091) (2,156) -6.9% 21. Current tax .......................................................................................................... 523 663 (140) - 22. Deferred tax ........................................................................................................ (5,426) (4,274) (1,152) - 23. Net income for the year (28,344) (27,480) (864) -3.1%



Net income for the year ............................................................................................ (28,344) (27,480) (864) -3.1% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 3,049 (5,420) 8,469 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ - 1,358 (1,358) - Pension Fund .................................................................................................................. - - - - Other movements ........................................................................................................... - - - - Other comprehensive income for the year ..................................................................... 3,049 (4,062) 7,111 175.1% Total comprehensive income for the year (25,295) (31,542) 6,247 19.8%




Share Capital

Share premiums


Treasury stock

Fair value reserve


earnings



equity

Balances as at December 31st 2013 85,000 - - - (2,967) (3,621) (27,480) 50,932


Changes in fair value, net of taxes .................... - - - - 3,049 - - 3,049

Pension fund – transitional arrangements ....... - - - - - - - -

Other movements ............................................ - - - - - - - -

Net income for the year ......................................... - - - - - (27,480) (864) (28,344)

Total gains and losses recognised in the year - - - - 3,049 (27,480) (864) (25,295)

Capital increase...................................................... - - - - - - - - Issue / reimbursement of other capital instruments ........................................................... - - - - - - - -

Transfer to reserves ............................................... - - - - - - - -


Prepaid dividends .................................................. - - - - - - - -

Changes in treasury stock ...................................... - - - - - - - -

Share based payment scheme ............................... - - - - - - - -

Other movements .................................................. - - - - - - - -

Balances as at December 31st 2014 85,000 - - - 82 (31,101) (28,344) 25,637






Interest and similar expenses paid ............................................................ (13,577) (20,536) 6,959 - Fees and commissions received ................................................................ 6,246 6,634 (388) - Fees and commissions paid ....................................................................... (842) (1,136) 294 - Recovery of loans ...................................................................................... 10,238

10,238 -

Contributions to pension fund .................................................................. (75) (113) 38 - Cash payments to employees and suppliers .............................................. (6,689) (6,256) (433) -

Sub-total .................................................................................................... 12,059 5,760 6,299 -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... (141,791) - (141,791) -

Financial assets and liabilities at fair value through profit or loss ............. 10,344 2,305 8,039 - Loans and advances to credit institutions ................................................. (2,018) 1,513 (3,531) - Deposits from credit institutions ............................................................... (52,324) (96,609) 44,285 - Loans and advances to customers ............................................................. 224,725 (104,277) 329,002 - Deposits from customers .......................................................................... (65,562) (33,836) (31,726) - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ 19,904 (3,254) 23,158 -

Net cash from operating activities before income tax ................................. 5,337 (228,397) 233,734 102,3% Income tax paid ......................................................................................... (673) - (673) -

Net cash from operating activities .............................................................. 4,664 (228,397) 233,061 102,0%


Divestment of subsidiaries and associates ................................................ (33) - (33) - Dividends received .................................................................................... 6,433 1,611 4,822 - Acquisition of available-for-sale financial assets ....................................... - - - - Sale of available-for-sale financial assets .................................................. 15,970 191,194 (175,224) - Held-to-maturity investments ................................................................... - 25,525 (25,525) - Acquisition of tangible and intangible assets ............................................ (31) (191) 160 - Sale of tangible and intangible assets ........................................................ 31 30 1 -

Net cash from investing activities ............................................................... 22,370 218,169 (195,799) -89,7%




Net changes in cash and cash equivalents ................................................... 27,034 (10,227) 37,261 364,3% Cash and cash equivalents at the beginning of the year............................ 20,334 30,561 (10,227) - Effect of exchange rate changes on cash and cash equivalents................. - - - -

Net changes in cash and cash equivalents ................................................... 27,034 (10,227) 37,261 364,3% Cash and cash equivalents at the end of the year 47,368 20,334 27,034 133,0%


I.13. Banco Banif Mais, S.A.

Banco Banif Mais, S.A.


General Information Head Office: Avenida 24 de Julho, n.º 98; 1200-870 Lisboa. Phone number: 210 000 400 Fax: 210 000 099 Website:

www.banifmais.pt

Corporate Boards Board of Directors Chairman: Mário Leite Santos; Executive Directors: João Ibérico Nogueira, Vitor Farinha Nunes, Jorge Correia Tomé, Carlos Pais Jorge; Non-Executive Directors: Manuel Pinto Marta; Executive Committee Chairman: Jorge Correia Tomé; Other Members: João Ibérico Nogueira, Vitor Farinha Nunes, Carlos Pais Jorge; Board of the General Meeting of Shareholders

Chairman: José da Silva Andrade; Secretary: João Maria Sá Marta, Pedro Andrade Dias; Audit Board Chairman: António Freitas dos Santos; Members: Maria Teresa Andrade Dias, Maria Leonor Amorim Afonso; ROC/ SROC (Statutory Auditor) SROC: PricewaterhouseCoopers & Associados – SROC, Lda; Company Secretary: Bruno de Jesus; Remunerations Committee Members: Rentipar Financeira SGPS S.A., Fundação Horácio Roque, Renticapital –

Investimentos Financeiros, S.A..


100.0%

Corporate






Total 215 105 110


Abroad 40 20 20 Total 255 125 130


Abroad29 - Total 18




31 December 2014

Balance Sheet

Total assets .............................................................................................................. 561,747 - Loans and advances to customers ........................................................................... 423,214 - Deposits from customers ........................................................................................ 889 - Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... (73,712) - Equity ...................................................................................................................... 242,820 - Share capital ............................................................................................................ 101,000 -




Net cash from investing activities ........................................................................... 12,951 - Net cash from financing activities ........................................................................... (6,000) - Effect of exchange rate changes on cash and cash equivalents .............................. 19 - Net changes in cash and cash equivalents .............................................................. 728 - Cash and cash equivalents at the beginning of the year ......................................... 3,032 - Cash and cash equivalents at the end of the year ................................................... 3,779 -








1. Cash and deposits at central banks ............................................................. 56 98 (42) -42.9% 1.1. Cash ........................................................................................................... 7 12 (5) - 1.2. Deposits at central banks .......................................................................... 49 86 (37) -

2. Deposits at other credit institutions ............................................................ 3,723 2,934 789 26.9%

3. Financial assets held for trading .................................................................. - - - - 3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. - - - -


5. Available-for-sale financial assets ............................................................... 80,391 54,492 25,899 47.5% 5.1. Bonds and other fixed income securities issued by public bodies ............. 76 86 (10) - 5.2. Bonds and other fixed income securities issued by other bodies .............. 72,492 51,632 20,860 - 5.3. Shares ........................................................................................................ - - - - 5.4. Other securities ......................................................................................... 11,271 3,854 7,417 - 5.5. Provisions and impairments ...................................................................... (3,448) (1,080) (2,368) -

6. Loans and advances to credit institutions ................................................... 19,453 74,659 (55,206) -73.9% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... - - - - 6.3. Loans ......................................................................................................... - - - - 6.4. Other loans and advances ......................................................................... 19,453 74,659 (55,206) - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 423,214 422,134 1,080 0.3% 7.1. Loans not represented by securities ......................................................... 263,518 154,292 109,226 - 7.2. Non-derecognised securitised loans .......................................................... 159,473 263,060 (103,587) - 7.3. Other loans and amounts receivable (secured) ......................................... - - - - 7.4. Overdue loans and interest ....................................................................... 199,166 248,565 (49,399) - 7.5. Provisions and impairments ...................................................................... (198,943) (243,783) 44,840 -


9. Assets with repurchase agreements ............................................................ - 27,800 (27,800) -100.0%


11. Non-current assets held for sale ................................................................. 421 226 195 86.3% 11.1. Gross amount .......................................................................................... 421 226 195 - 11.2. Provisions and impairments .................................................................... - - - -


13. Other tangible assets .................................................................................. 8,115 8,647 (532) -6.2% 13.1. Gross amount .......................................................................................... 8,115 8,647 (532) - 13.2. Provisions, impairments and depreciation .............................................. - - - -

14. Intangible assets......................................................................................... 28 158 (130) -82.3% 14.1. Gross amount .......................................................................................... 28 158 (130) - 14.2. Provisions, impairments and depreciation .............................................. - - - -

15. Investments in subsidiaries, associates and joint ventures .......................... 7,141 7,253 (112) -1.5% 15.1. Gross amount .......................................................................................... 7,141 7,253 (112) - 15.2. Provisions and impairments .................................................................... - - - -


17. Deferred income tax assets......................................................................... 1,105 765 340 44.4%

18. Other assets ............................................................................................... 18,100 28,405 (10,305) -36.3% 18.1. Gross amount .......................................................................................... 18,747 29,042 (10,295) - 18.2. Provisions and impairments .................................................................... (647) (637) (10) - Total Assets 561,747 627,571 (65,824) -10.5%





1. Deposits from central banks .......................................................................... - 18,402 (18,402) -100.0%



4. Deposits from other credit institutions .......................................................... 93,165 68,084 25,081 36.8% 4.1. Deposits ........................................................................................................ - - - - 4.2. Interbank money market .............................................................................. 73,527 18,708 54,819 - 4.3. Loans ............................................................................................................ 19,456 31,311 (11,855) - 4.4. Sale operations with repurchase agreements .............................................. - 17,874 (17,874) - 4.5. Other funds .................................................................................................. 182 191 (9) -

5. Deposits from customers ............................................................................... 889 2,874 (1,985) -69.1%

5.1. Demand deposits.......................................................................................... 889 2,874 (1,985) -

5.2. Term deposits ............................................................................................... - - - -


5.4. Other funds .................................................................................................. - - - -



6.2. Bonds ........................................................................................................... - - - -





10. Provisions...................................................................................................... 5,950 5,601 349 6.2%

11. Current income tax liabilities ......................................................................... 6,187 2,023 4,164 205.8%



14. Other subordinated liabilities ........................................................................ - 6,063 (6,063) -100.0%



Equity

16. Share capital ................................................................................................. 101,000 101,000 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... 85 - 85 -

21. Other reserves and retained earnings ............................................................ 112,909 95,187 17,722 18.6%



Total Equity 242,820 213,962 28,858 13.5%






1. Interest and similar income ................................................................................. 45,225 44,337 888 - 2. Interest and similar expense ............................................................................... 12,657 14,893 (2,236) -

3. Net interest income ...................................................................... 32,568 29,444 3,124 10.6% 4. Income from equity instruments ......................................................................... 11,923 6,457 5,466 - 5. Fee and commission income ............................................................................... 5,978 6,666 (688) - 6. Fee and commission expenses ............................................................................ (1,079) (1,803) 724 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. - 262 (262) - 8. Net gains from available-for-sale financial assets ............................................... - - - - 9. Net gains from foreign exchange differences ...................................................... 1 (100) 101 -

10. Net gains from sale of other assets ..................................................................... 2,376 - 2,376 - 11. Other operating income and expense ................................................................. (2,496) (7,256) 4,760 -

12. Operating income ......................................................................... 49,271 33,670 15,601 46.3% 13. Personnel costs ................................................................................................... 7,508 7,430 78 - 14. General administrative expenses ........................................................................ 6,644 5,265 1,379 - 15. Depreciation and amortization ........................................................................... 792 869 (77) - 16. Provisions net of reversals .................................................................................. 1,791 (7,056) 8,847 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... (4,139) - (4,139) -

18. Impairment on other financial assets net of reversals ........................................ 317 (398) 715 - 19. Impairment on other assets net of reversals ....................................................... 58 4,304 (4,246) -

20. Net income before tax ...................................................................... 36,300 23,256 13,044 56.1% 21. Current tax .......................................................................................................... 7,814 2,553 5,261 - 22. Deferred tax ........................................................................................................ (340) 2,928 (3,268) - 23. Net income for the year 28,826 17,775 11,051 62.2% Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013



Gains / (losses) arising during the year ........................................................................ - - - - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ - - - - Pension Fund .................................................................................................................. - - - - Other movements ........................................................................................................... 33 20 13 - Other comprehensive income for the year ..................................................................... 33 20 13 62.4% Total comprehensive income for the year 28,859 17,795 11,064 62.2%




Share Capital

Share premiums


Treasury stock

Fair value

reserve


earnings



equity

Balances as at December 31st 2013 101,000 - - - - 95,187 17,775 213,962




Other movements ................................................... - - - - - - - -





Transfer to reserves ...................................................... - - - - - 17,775 (17,775) -





Other movements ........................................................ - - - - - 33 - 33







Interest and similar expenses paid ............................................................ (12,720) (11,017) (1,703) - Fees and commissions received ................................................................ 5,978 6,666 (688) - Fees and commissions paid ....................................................................... (1,079) (1,803) 724 - Recovery of loans ...................................................................................... 6,371 4,529 1,842 - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers .............................................. (21,961) (19,342) (2,619) -

Sub-total .................................................................................................... 21,814 23,632 (1,818) -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... (18,402) (23,848) 5,446 -

Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. 55,206 (23,447) 78,653 - Deposits from credit institutions ............................................................... 25,080 (38,823) 63,903 - Loans and advances to customers ............................................................. (101,791) 79,566 (181,357) - Deposits from customers .......................................................................... (1,985) (3,548) 1,563 - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ 17,510 (8,490) 26,000 -

Net cash from operating activities before income tax ................................. (2,568) 5,042 (7,610) -150.9% Income tax paid ......................................................................................... (3,655) (693) (2,962) -

Net cash from operating activities .............................................................. (6,223) 4,349 (10,572) -243.1%

Cash flows from investing activities -

- Acquisition of subsidiaries and associates ................................................. (13) - (13) -

Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 3,513 6,457 (2,944) - Acquisition of available-for-sale financial assets ....................................... (28,266) 27,434 (55,700) - Sale of available-for-sale financial assets .................................................. 38,513 (27,800) 66,313 - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (832) (728) (104) - Sale of tangible and intangible assets ........................................................ 36 67 (31) -

Net cash from investing activities ............................................................... 12,951 5,430 7,521 138.5%

Cash flows from financing activities - Capital increase ......................................................................................... - - - -

Issue of bonds and other debt securities ................................................... - - - - Reimbursement of bonds and other debt securities ................................. (6,000) (8,000) 2,000 - Issue / reimbursement of subordinated liabilities ..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - - - -

Net cash from financing activities ............................................................... (6,000) (8,000) 2,000 25.0%

Net changes in cash and cash equivalents ................................................... 728 1,779 (1,051) -59.1% Cash and cash equivalents at the beginning of the year............................ 3,032 1,331 1,701 - Effect of exchange rate changes on cash and cash equivalents................. 19 (78) 97 -

Net changes in cash and cash equivalents ................................................... 728 1,779 (1,051) -59.1% Cash and cash equivalents at the end of the year 3,779 3,032 747 24.6%



I.14. Caixa Económica Montepio Geral

Caixa Económica Montepio Geral


General Information Head Office: Rua Áurea, n.º 219-241; 1100-062 Lisboa. Phone number: 213 248 000 Fax: 213 249 871 Website:

www.montepio.pt

Corporate Boards Board of Directors Chairman: António Tomás Correia; Members: Jorge Humberto Barros Luís, Pedro Miguel de Almeida Alves Ribeiro, Fernando

Paulo Pereira Magalhães, João Carlos Martins da Cunha Neves; Supervisory Board Chairman: José de Almeida Serra; Members: Vitor José Melícias Lopes, Eduardo José da Silva Farinha, Carlos Vicente Morais

Beato, Álvaro João Duarte Pinto Correia, Gabriel José dos Santos Fernandes, Luisa Maria Xavier Machado, Maria Manuela da Silva, António Gonçalves Ribeiro, Eugénio Óscar Garcia Rosa;

Board of the General Meeting of Shareholders

Chairman: Vitor José Melícias Lopes; 1st Secretary: António Dias Sequeira; 2nd Secretary: Maria Leonor Loureiro Gonçalves de Oliveira Guimarães; ROC/ SROC (Statutory Auditor) SROC: KPMG, representada por Jean-éric Gaign, ROC n.º 1013; Remunerations Committee Chairman: Luís Eduardo Barbosa; Other Members: José Eduardo Fragoso Tavares de Bettencourt, José Carlos Pereira Lilaia.


100.0%

Institutional





Heads of department 937 678 259 Specific 1,266 691 575 Administrative 1,625 748 877 Ancilliary 58 22 36

Total 3,886 2,139 1,747


Abroad - Total 3,886 2,139 1,747






31 December 2014

Balance Sheet

Total assets .............................................................................................................. 25,117,863 22,473,474 Loans and advances to customers ........................................................................... 14,655,839 15,228,739 Deposits from customers ........................................................................................ 13,609,144 14,314,659 Debt securities issued .............................................................................................. 1,936,472 2,146,525 Subordinated liabilities ............................................................................................ 388,118 373,279 Loans and advances to / and deposits from credit institutions ............................... (857,086) (523,994) Equity ...................................................................................................................... 1,466,362 1,414,524 Share capital ............................................................................................................ 1,700,000 1,700,000



Cash Flow Statement Net cash from operating activities .......................................................................... (1,257,493) (397,858)

Net cash from investing activities ........................................................................... 1,485,802 614,064 Net cash from financing activities ........................................................................... (240,673) (223,817) Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. (12,364) (7,611) Cash and cash equivalents at the beginning of the year ......................................... 239,491 414,002 Cash and cash equivalents at the end of the year ................................................... 227,127 406,391








1. Cash and deposits at central banks ............................................................. 203,338 242,372 (39,034) -16.1% 1.1. Cash ........................................................................................................... 172,259 154,913 17,346 - 1.2. Deposits at central banks .......................................................................... 31,079 87,459 (56,380) -


3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. 648 584 64 - 3.3. Shares ........................................................................................................ 6,115 7,116 (1,001) - 3.4. Other securities ......................................................................................... - 693 (693) - 3.5. Derivatives ................................................................................................. 76,790 54,138 22,652 -

4. Other financial assets at fair value through profit or loss ............................ - 3,450 (3,450) -100.0% 4.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 4.2. Bonds and other fixed income securities issued by other bodies .............. - 3,450 (3,450) - 4.3. Shares ........................................................................................................ - - - - 4.4. Other securities ......................................................................................... - - - -

5. Available-for-sale financial assets ............................................................... 7,391,496 8,942,287 (1,550,791) -17.3% 5.1. Bonds and other fixed income securities issued by public bodies ............. 1,756,884 3,084,626 (1,327,742) - 5.2. Bonds and other fixed income securities issued by other bodies .............. 4,352,674 4,507,540 (154,866) - 5.3. Shares ........................................................................................................ 101,773 32,307 69,466 - 5.4. Other securities ......................................................................................... 1,271,322 1,395,493 (124,171) - 5.5. Provisions and impairments ...................................................................... (91,157) (77,679) (13,478) -

6. Loans and advances to credit institutions ................................................... 780,988 291,644 489,344 167.8% 6.1. Interbank money market ........................................................................... 2 2 - - 6.2. Deposits ..................................................................................................... 20,729 11,125 9,604 - 6.3. Loans ......................................................................................................... 157,051 44,501 112,550 - 6.4. Other loans and advances ......................................................................... 603,451 236,826 366,625 - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... (245) (810) 565 -

7. Loans and advances to customers ............................................................... 14,655,839 15,139,969 (484,130) -3.2% 7.1. Loans not represented by securities ......................................................... 11,065,075 11,034,838 30,237 - 7.2. Non-derecognised securitised loans .......................................................... 3,089,690 3,451,626 (361,936) - 7.3. Other loans and amounts receivable (secured) ......................................... 760,372 752,306 8,066 - 7.4. Overdue loans and interest ....................................................................... 1,078,448 944,702 133,746 - 7.5. Provisions and impairments ...................................................................... (1,337,746) (1,043,503) (294,243) -

8. Held-to-maturity investments..................................................................... 17,333 17,227 106 0.6% 8.1. Bonds and other fixed income securities issued by public bodies ............. 17,333 17,227 106 - 8.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... 60 503 (443) -88.1% 11. Non-current assets held for sale ................................................................. 779,503 663,231 116,272 17.5%

11.1. Gross amount .......................................................................................... 909,547 751,646 157,901 - 11.2. Provisions and impairments .................................................................... (130,044) (88,415) (41,629) -


13. Other tangible assets .................................................................................. 36,925 44,316 (7,391) -16.7% 13.1. Gross amount .......................................................................................... 191,504 190,948 556 - 13.2. Provisions, impairments and depreciation .............................................. (154,579) (146,632) (7,947) -

14. Intangible assets......................................................................................... 117,296 112,240 5,056 4.5% 14.1. Gross amount .......................................................................................... 158,651 140,719 17,932 - 14.2. Provisions, impairments and depreciation .............................................. (41,355) (28,479) (12,876) -

15. Investments in subsidiaries, associates and joint ventures .......................... 419,183 418,547 636 0.2% 15.1. Gross amount .......................................................................................... 419,183 418,547 636 - 15.2. Provisions and impairments .................................................................... - - - -

16. Current income tax assets........................................................................... - 10 (10) -100.0% 17. Deferred income tax assets......................................................................... 342,393 313,702 28,691 9.1% 18. Other assets ............................................................................................... 235,088 130,329 104,759 80.4%

18.1. Gross amount .......................................................................................... 238,174 133,415 104,759 - 18.2. Provisions and impairments .................................................................... (3,086) (3,086) - - Total Assets 25,117,863 26,466,936 (1,349,073) -5.1%





1. Deposits from central banks .......................................................................... 2,496,886 3,427,354 (930,468) -27.1%

2. Financial liabilities held for trading ................................................................ 85,300 1,389 83,911 6,041.1%

3. Other financial liabilities at fair value through profit or loss ........................... - 60,854 (60,854) -100.0%

4. Deposits from other credit institutions .......................................................... 1,638,074 1,100,965 537,109 48.8% 4.1. Deposits ........................................................................................................ 627,648 684,979 (57,331) - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ 438,334 307,873 130,461 - 4.4. Sale operations with repurchase agreements .............................................. 536,948 72,470 464,478 - 4.5. Other funds .................................................................................................. 35,144 35,643 (499) -

5. Deposits from customers ............................................................................... 13,609,144 13,620,187 (11,043) -0.1%

5.1. Demand deposits.......................................................................................... 2,683,496 2,680,009 3,487 -

5.2. Term deposits ............................................................................................... 10,805,927 10,795,193 10,734 -


5.4. Other funds .................................................................................................. 8,730 14,397 (5,667) -

6. Debt securities issued .................................................................................... 1,936,472 2,166,018 (229,546) -10.6%


6.2. Bonds ........................................................................................................... 1,889,589 1,892,823 (3,234) -

6.3. Other liabilities ............................................................................................. 46,883 273,195 (226,312) -

7. Financial liabilities associated with transferred assets .................................... 3,075,080 3,444,852 (369,772) -10.7%

8. Hedging derivatives ....................................................................................... 1,494 1,849 (355) -19.2%


10. Provisions...................................................................................................... 129,446 115,911 13,535 11.7%

11. Current income tax liabilities ......................................................................... - 1,353 (1,353) -100.0%



14. Other subordinated liabilities ........................................................................ 388,118 386,377 1,741 0.5%



Equity

16. Share capital ................................................................................................. 1,700,000 1,700,000 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -


21. Other reserves and retained earnings ............................................................ (132,241) 220,967 (353,208) -159.8%

22. Net income for the year ................................................................................. (157,306) (262,513) 105,207 40.1%


Total Equity 1,466,362 1,700,006 (233,644) -13.7%







3. Net interest income ...................................................................... 294,272 206,111 88,161 42.8% 4. Income from equity instruments ......................................................................... 1,428 1,883 (455) - 5. Fee and commission income ............................................................................... 129,585 129,154 431 - 6. Fee and commission expenses ............................................................................ (20,445) (18,986) (1,459) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (1,364) (27,749) 26,385 - 8. Net gains from available-for-sale financial assets ............................................... 349,418 47,871 301,547 - 9. Net gains from foreign exchange differences ...................................................... 6,070 3,750 2,320 -

10. Net gains from sale of other assets ..................................................................... 84,056 35,437 48,619 - 11. Other operating income and expense ................................................................. 12,030 (6,563) 18,593 -

12. Operating income ......................................................................... 855,050 370,908 484,142 130.5% 13. Personnel costs ................................................................................................... 180,038 183,674 (3,636) - 14. General administrative expenses ........................................................................ 108,222 98,708 9,514 - 15. Depreciation and amortization ........................................................................... 24,137 26,974 (2,837) - 16. Provisions net of reversals .................................................................................. 13,534 5,712 7,822 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 620,073 308,077 311,996 -

18. Impairment on other financial assets net of reversals ........................................ 59,317 31,818 27,499 - 19. Impairment on other assets net of reversals ....................................................... 41,629 62,407 (20,778) -

20. Net income before tax ...................................................................... (191,900) (346,462) 154,562 44.6% 21. Current tax .......................................................................................................... 11,433 1,353 10,080 - 22. Deferred tax ........................................................................................................ (46,027) (85,302) 39,275 - 23. Net income for the year (157,306) (262,513) 105,207 40.1%



Net income for the year ............................................................................................ (157,306) (262,513) 105,207 40.1% Available-for-sale financial assets ................................................................................... 24,545 42,042 (17,497) - Taxes ............................................................................................................................... (10,188) (12,384) 2,196 - Actuarial losses ............................................................................................................... (81,648) (68,912) (12,736) - Deferred taxes ................................................................................................................ (7,147) (2,519) (4,628) - Other movements ........................................................................................................... (1,900) (761) (1,139) - Other comprehensive income for the year ..................................................................... (76,338) (42,534) (16,307) -79.5% Total comprehensive income for the year (233,644) (305,047) 88,900 23.4%




Share Capital

Share premiums


Treasury stock

Fair value reserve


earnings


Total shareholder

s’ equity

Balances as at December 31st 2013 1,700,000 - 8,273 - 24,875 229,371 (262,513) 1,700,006



Actuarial losses ................................................ - - - - - (81,648) - (81,648)

Pension fund – transitional arrangements ....... - - - - - (1,900) - (1,900)

Deferred taxes ................................................. - - - - - (7,147) - (7,147)

Other movements ............................................ - - - - - - - -

Net income for the year ......................................... - - - - - - (157,306) (157,306)

Total gains and losses recognised in the year - - - - 14,357 (90,695) (157,306) (233,644)







Other movements .................................................. - - - - - - - -

Balances as at December 31st 2014 1,700,000 - 8,273 - 39,232 (123,837) (157,306) 1,466,362






Interest and similar expenses paid ............................................................ (590,201) (660,185) 69,984 - Fees and commissions received ................................................................ 133,511 127,868 5,643 - Fees and commissions paid ....................................................................... (19,667) (18,149) (1,518) - Recovery of loans ...................................................................................... 8,857 5,492 3,365 - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers .............................................. (258,547) (299,611) 41,064 - Other payments and receipts .................................................................... - 155,089 (155,089) -

Sub-total .................................................................................................... 105,213 181,273 (76,060) -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... - 3,395,000 (3,395,000) -

Loans and advances to credit institutions and customers ......................... (652,817) (770,299) 117,482 - Deposits from credit institutions ............................................................... (382,038) (1,783,980) 1,401,942 - Deposits from customers .......................................................................... 9,321 991,012 (981,691) - Other operating assets and liabilities ........................................................ (337,172) (63,686) (273,486) -

Net cash from operating activities before income tax ................................. (1,257,493) 1,949,320 (3,206,813) -164.5% Income tax paid ......................................................................................... - - - -

Net cash from operating activities .............................................................. (1,257,493) 1,949,320 (3,206,813) -164.5%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................. (637) (27,999) 27,362 -

Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 1,428 1,883 (455) - (Acquisition) / sale of financial assets held for trading .............................. (23,399) 57,515 (80,914) - (Acquisition) / sale of finan. assets at fair value through profit or loss ..... 3,450 8,850 (5,400) - (Aquisitions) / sale of hedging derivatives ................................................. 160 (633) 793 - Deposits held for monetary control .......................................................... 19,833 21,122 (1,289) - Acquisition of available-for-sale financial assets ....................................... - (2,272,457) 2,272,457 - Sale of available-for-sale financial assets .................................................. 1,485,073 - 1,485,073 - Held-to-maturity investments ................................................................... (106) (6) (100) - Acquisition of tangible and intangible assets ............................................ - (20,388) 20,388 - Sale of tangible and intangible assets ........................................................ - 230 (230) -

Net cash from investing activities ............................................................... 1,485,802 (2,231,883) 3,717,685 166.6%

Cash flows from financing activities Capital increase ......................................................................................... - 405,000 (405,000) -

Issue of bonds and other debt securities ................................................... 480,853 1,633,550 (1,152,697) - Reimbursement of bonds and other debt securities ................................. (745,231) (1,699,603) 954,372 - Issue / reimbursement of subordinated liabilities ..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - (1,692) 1,692 - Other equity instruments .......................................................................... - (6,727) 6,727 - Other liabilities accounts ........................................................................... 23,705 (4,850) 28,555 -

Net cash from financing activities ............................................................... (240,673) 325,678 (566,351) -173.9%





I.15. Montepio Investimento, S.A.



General Information Head Office: Rua Júlio Dinis, 157; 4050-323 Porto. Phone number: 220 004 500 Fax: 220 004 501 Website:

www.montepio.pt

Corporate Boards Board of Directors Chairman: António Tomás Correia; Executive Directors: José Carlos Sequeira Mateus, Pedro Nuno Coelho Pires, Pedro Miguel de Almeida

Alves Ribeiro; Board of the General Meeting of Shareholders

Chairman: António Joaquim de Matos Pinto Monteiro; Vice-Chairman: Pedro Canastra de Azevedo Maia; Secretary: Mário Paulo Ramos Caetano Pereira; Audit Board Chairman: Norberto da Cunha Junqueira Fernandes Pilar; Members: António Monteiro de Magalhães, Joaquim Henrique de Almeida Pina Lopes, Pedro

Dias Venâncio; ROC/ SROC (Statutory Auditor) SROC: KPMG & Associados-Sociedade de Revisores Oficiais de Contas, S.A. n.º189,

representado por Vitor M.C. Ribeirinho, ROC Nº 1.081; Company Secretary: António Alfredo Martins Manso Gigante.


100.0%

Institutional





Heads of department - - - Specific 1 1 - Administrative - - - Ancilliary - - -

Total 1 1 -

Employees - by geographical distribution Portugal 1 1 -

Abroad - - - Total 1 1 -


Abroad33 - Total -




31 December 2014

Balance Sheet

Total assets .............................................................................................................. 407,732 - Loans and advances to customers ........................................................................... 76,961 - Deposits from customers ........................................................................................ - - Debt securities issued .............................................................................................. 7,208 - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... (200,006) - Equity ...................................................................................................................... 188,878 - Share capital ............................................................................................................ 180,000 -




Net cash from investing activities ........................................................................... (163,417) - Net cash from financing activities ........................................................................... (41,421) - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. 6,671 - Cash and cash equivalents at the beginning of the year ......................................... 6,409 - Cash and cash equivalents at the end of the year ................................................... 13,080 -

Equity Total equity as at 31 December 2013....................................................................... 157,040 -

Total equity as at 31 December 2014....................................................................... 188,878 - 33 Includes branches and representation offices.





1. Cash and deposits at central banks ............................................................. - - - - 1.1. Cash ........................................................................................................... - - - - 1.2. Deposits at central banks .......................................................................... - - - -

2. Deposits at other credit institutions ............................................................ 13,080 6,409 6,671 104.1% 3. Financial assets held for trading .................................................................. 2,757 - 2,757 -

3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ 2,757 - 2,757 - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. - - - -


5. Available-for-sale financial assets ............................................................... 286,100 89,626 196,474 219.2% 5.1. Bonds and other fixed income securities issued by public bodies ............. 161,970 - 161,970 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 24,999 - 24,999 - 5.3. Shares ........................................................................................................ 179 - 179 - 5.4. Other securities ......................................................................................... 98,952 91,799 7,153 - 5.5. Provisions and impairments ...................................................................... - (2,173) 2,173 -


7. Loans and advances to customers ............................................................... 76,961 96,768 (19,807) -20.5% 7.1. Loans not represented by securities ......................................................... 77,360 96,201 (18,841) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... - - - - 7.4. Overdue loans and interest ....................................................................... 19,576 15,745 3,831 - 7.5. Provisions and impairments ...................................................................... (19,975) (15,178) (4,797) -


9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... - - - - 11. Non-current assets held for sale ................................................................. 19,870 17,712 2,158 12.2%

11.1. Gross amount .......................................................................................... 23,672 20,992 2,680 - 11.2. Provisions and impairments .................................................................... (3,802) (3,280) (522) -


13. Other tangible assets .................................................................................. 17 - 17 - 13.1. Gross amount .......................................................................................... 786 769 17 - 13.2. Provisions, impairments and depreciation .............................................. (769) (769) - -

14. Intangible assets......................................................................................... - - - - 14.1. Gross amount .......................................................................................... 206 206 - - 14.2. Provisions, impairments and depreciation .............................................. (206) (206) - -

15. Investments in subsidiaries, associates and joint ventures .......................... 274 - 274 - 15.1. Gross amount .......................................................................................... 274 - 274 - 15.2. Provisions and impairments .................................................................... - - - -

16. Current income tax assets........................................................................... - - - - 17. Deferred income tax assets......................................................................... 4,348 6,541 (2,193) -33.5% 18. Other assets ............................................................................................... 4,325 4,362 (37) -0.8%

18.1. Gross amount .......................................................................................... 5,379 5,416 (37) - 18.2. Provisions and impairments .................................................................... (1,054) (1,054) - - Total Assets 407,732 221,418 186,314 84.1%








4. Deposits from other credit institutions .......................................................... 200,006 409 199,597 48,801.2% 4.1. Deposits ........................................................................................................ - - - - 4.2. Interbank money market .............................................................................. 200,006 - 200,006 - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. - 409 (409) -

5. Deposits from customers ............................................................................... - - - -

5.1. Demand deposits.......................................................................................... - - - -

5.2. Term deposits ............................................................................................... - - - -


5.4. Other funds .................................................................................................. - - - -

6. Debt securities issued .................................................................................... 7,208 50,424 (43,216) -85.7%


6.2. Bonds ........................................................................................................... - - - -





10. Provisions...................................................................................................... 993 1,440 (447) -31.0%







Equity

16. Share capital ................................................................................................. 180,000 180,000 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... 4,393 (3,915) 8,308 212.2%




Total Equity 188,878 157,040 31,838 20.3%






1. Interest and similar income ................................................................................. 10,605 4,705 5,900 - 2. Interest and similar expense ............................................................................... 1,919 890 1,029 -

3. Net interest income ...................................................................... 8,686 3,815 4,871 127.7% 4. Income from equity instruments ......................................................................... - - - - 5. Fee and commission income ............................................................................... 1,643 - 1,643 - 6. Fee and commission expenses ............................................................................ (19) (3) (16) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (101) - (101) - 8. Net gains from available-for-sale financial assets ............................................... 26,642 (1,679) 28,321 - 9. Net gains from foreign exchange differences ...................................................... - - - -

10. Net gains from sale of other assets ..................................................................... (950) (1,718) 768 - 11. Other operating income and expense ................................................................. (989) 162 (1,151) -

12. Operating income ......................................................................... 34,912 577 34,335 5,950.6% 13. Personnel costs ................................................................................................... 524 77 447 - 14. General administrative expenses ........................................................................ 1,921 747 1,174 - 15. Depreciation and amortization ........................................................................... - - - - 16. Provisions net of reversals .................................................................................. (447) 351 (798) -


18. Impairment on other financial assets net of reversals ........................................ 2,219 2,833 (614) - 19. Impairment on other assets net of reversals ....................................................... 522 (766) 1,288 -

20. Net income before tax ...................................................................... 25,225 (3,976) 29,201 734.4% 21. Current tax .......................................................................................................... 2,978 1,534 1,444 - 22. Deferred tax ........................................................................................................ (1,283) (553) (730) - 23. Net income for the year 23,530 (4,957) 28,487 574.7%


Thousands € Thousands € Thousands € % Net income for the year ............................................................................................ 23,530 (4,957) 28,487 574.7% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 11,784 (4,081) 15,865 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ (3,476) 1,211 (4,687) - Pensions .......................................................................................................................... - - - - Other movements ........................................................................................................... - - - - Other comprehensive income for the year ..................................................................... 8,308 (2,870) 11,178 389.5% Total comprehensive income for the year 31,838 (7,827) 39,665 506.8%




Share Capital

Share premiums


Treasury stock

Fair value reserve


earnings



Balances as at December 31st 2013 180,000 - - - (3,915) (14,088) (4,957) 157,040




Other movements ............................................ - - - - - - - -

Net income for the year ......................................... - - - - - - 23,530 23,530








Other movements .................................................. - - - - - - - -

Balances as at December 31st 2014 180,000 - - - 4,393 (19,045) 23,530 188,878





Cash flows from operating activities ........................................................... Interest and similar income received ........................................................ 10,604 4,705 5,899 -

Interest and similar expenses paid ............................................................ (1,919) (890) (1,029) - Fees and commissions received ................................................................ 1,643 - 1,643 - Fees and commissions paid ....................................................................... (19) (3) (16) - Recovery of loans ...................................................................................... - - - - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers .............................................. (4,425) 8,012 (12,437) -

Sub-total .................................................................................................... 5,884 11,824 (5,940) -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... - - - -

Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. - - - - Deposits from credit institutions ............................................................... 199,596 410 199,186 - Loans and advances to customers ............................................................. 14,858 19,727 (4,869) - Deposits from customers .......................................................................... - - - - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ 550 (8,800) 9,350 -

Net cash from operating activities before income tax ................................. 220,888 23,161 197,727 853.7% Income tax paid ......................................................................................... (9,379) - (9,379) -

Net cash from operating activities .............................................................. 211,509 23,161 188,348 813.2%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................. (274) - (274) -

Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... - - - - Acquisition of available-for-sale financial assets ....................................... (160,268) (53,378) (106,890) - Sale of available-for-sale financial assets .................................................. (101) - (101) - Held-to-maturity investments ................................................................... (2,757) - (2,757) - Acquisition of tangible and intangible assets ............................................ - - - - Sale of tangible and intangible assets ........................................................ (17) - (17) -

Net cash from investing activities ............................................................... (163,417) (53,378) (110,039) -206.2%


Issue of bonds and other debt securities ................................................... 70,000 55,000 15,000 - Reimbursement of bonds and other debt securities ................................. (111,421) (30,123) (81,298) - Issue / reimbursement of subordinated liabilities ..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - - - -


Net changes in cash and cash equivalents ................................................... 6,671 (5,340) 12,011 224.9% Cash and cash equivalents at the beginning of the year............................ 6,409 11,749 (5,340) - Effect of exchange rate changes on cash and cash equivalents................. - - - -

Net changes in cash and cash equivalents ................................................... 6,671 (5,340) 12,011 224.9% Cash and cash equivalents at the end of the year 13,080 6,409 6,671 104.1%


I.16. Caixa Geral de Depósitos, S.A.

Caixa Geral de Depósitos, S.A.


General Information Head Office: Avenida João XXI, n.º 63; 1000 -300 Lisboa. Phone number: 217 905 000 Fax: 217 905 060 Website:

www.cgd.pt

Corporate Boards Board of Directors Chairman: Álvaro José Barrigas do Nascimento; Vice-Chairman: José Agostinho Martins de Matos; Executive Directors: Nuno Maria Pinto de Magalhães Fernandes Thomaz, João Nuno de Oliveira Jorge

Palma, José Pedro Cabral dos Santos, Ana Cristina de Sousa Leal, Maria João Borges Carioca Rodrigues, Jorge Telmo Maria Freire Cardoso;

Non-executive Directors: Pedro Miguel Valente Pires Bela Pimentel, José Luis Mexia Fraústo Crespo de Carvalho, José Ernst Henzler Vieira Branco, Eduardo Manuel Hintze da Paz Ferreira, Daniel Abel Monteiro Palhares Traça, Pedro Miguel Ribeiro de Almeida Fontes Falcão;

Executive Committee Chairman: José Agostinho Martins de Matos; Vice-Chairman: Nuno Maria Pinto de Magalhães Fernandes Thomaz; Other Members: João Nuno de Oliveira Jorge Palma, José Pedro Cabral dos Santos, Ana Cristina de

Sousa Leal, Maria João Borges Carioca Rodrigues, Jorge Telmo Maria Freire Cardoso;


Chairman: Manuel Carlos Lopes Porto; Secretary: José Lourenço Soares; ROC/ SROC (Statutory Auditor) SROC: Oliveira Rego & Associados, SROC; Alternate: Álvaro, Falcão e Associados, SROC; Audit Committee Chairman: Eduardo Manuel Hintze da Paz Ferreira; Vice-Chairman: Daniel Abel Monteiro Palhares Traça; Member: Pedro Miguel Ribeiro de Almeida Fontes Falcão; Strategy, Governance and Assessment Committee

Chairman: Álvaro José Barrigas do Nascimento; Members: Pedro Miguel Valente Pires Bela Pimentel, José Luís Mexia Fraústo Crespo de

Carvalho, José Ernst Henzler Vieira Branco; Risk Committee Chairman: José Luís Mexia Fraústo Crespo de Carvalho; Members: Pedro Miguel Valente Pires Bela Pimentel, José Ernst Henzler Vieira Branco, Ana

Cristina de Sousa Leal; Other Corporate Boards External Auditor: Deloitte & Associados, SROC, S.A.; Company Secretary: João Manuel Travassos Dias Garcia; Alternate: Ana Paula Rogenes Perez Lopes Pargana Calado.


100.0%

State





Heads of department 1,805 1,020 785 Specific 2,606 1,028 1,578 Administrative 4,337 1,711 2,626 Ancilliary 110 28 82

Total 8,858 3,787 5,071


Abroad 759 369 390 Total 9,617 4,156 5,461






31 December 2014

Balance Sheet

Total assets .............................................................................................................. 90,857,544 100,152,034 Loans and advances to customers ........................................................................... 55,200,604 66,863,572 Deposits from customers ........................................................................................ 61,761,689 71,134,176 Debt securities issued .............................................................................................. 7,120,412 7,174,478 Subordinated liabilities ............................................................................................ 2,606,273 2,427,905 Loans and advances to / and deposits from credit institutions ............................... (767,669) (624,435) Equity ...................................................................................................................... 3,777,442 6,492,760 Share capital ............................................................................................................ 5,900,000 5,900,000


Operating income .................................................................................................... 1,121,031 2,024,352 Net income before tax ............................................................................................. (1,371,945) (233,515)

Cash Flow Statement Net cash from operating activities .......................................................................... 1,630,922 949,066

Net cash from investing activities ........................................................................... 726,376 1,580,939 Net cash from financing activities ........................................................................... (1,961,793) (2,183,788) Effect of exchange rate changes on cash and cash equivalents .............................. 2,697 68,185 Net changes in cash and cash equivalents .............................................................. 395,504 346,217 Cash and cash equivalents at the beginning of the year ......................................... 1,223,465 2,581,923 Cash and cash equivalents at the end of the year ................................................... 1,621,666 2,996,325








1. Cash and deposits at central banks ............................................................. 1,201,671 758,127 443,544 58.5% 1.1. Cash ........................................................................................................... 339,273 343,186 (3,913) - 1.2. Deposits at central banks .......................................................................... 862,398 414,941 447,457 -


3.1. Bonds and other fixed income securities issued by public bodies ............. 265,267 361,582 (96,315) - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ 33,092 22,792 10,300 - 3.4. Other securities ......................................................................................... 30 2,027 (1,997) - 3.5. Derivatives ................................................................................................. 1,927,374 1,501,036 426,338 -

4. Other financial assets at fair value through profit or loss ............................ 584,022 630,678 (46,656) -7.4% 4.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 4.2. Bonds and other fixed income securities issued by other bodies .............. 50 8,623 (8,573) - 4.3. Shares ........................................................................................................ 6 5 1 - 4.4. Other securities ......................................................................................... 583,966 622,050 (38,084) -

5. Available-for-sale financial assets ............................................................... 17,878,654 17,696,749 181,905 1.0% 5.1. Bonds and other fixed income securities issued by public bodies ............. 7,491,653 7,164,303 327,350 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 9,023,066 9,286,950 (263,884) - 5.3. Shares ........................................................................................................ 79,339 93,542 (14,203) - 5.4. Other securities ......................................................................................... 1,653,769 1,456,870 196,899 - 5.5. Provisions and impairments ...................................................................... (369,173) (304,916) (64,257) -

6. Loans and advances to credit institutions ................................................... 3,645,595 3,818,365 (172,770) -4.5% 6.1. Interbank money market ........................................................................... 150,000 320,000 (170,000) - 6.2. Deposits ..................................................................................................... 357,304 167,502 189,802 - 6.3. Loans ......................................................................................................... 2,135,613 2,178,620 (43,007) - 6.4. Other loans and advances ......................................................................... 875,769 1,065,794 (190,025) - 6.5. Purchase operations with resale agreements ........................................... 140,882 100,178 40,704 - 6.6. Provisions and impairments ...................................................................... (13,973) (13,729) (244) -

7. Loans and advances to customers ............................................................... 55,200,604 59,557,428 (4,356,824) -7.3% 7.1. Loans not represented by securities ......................................................... 46,955,717 49,921,244 (2,965,527) - 7.2. Non-derecognised securitised loans .......................................................... 4,496,807 4,707,950 (211,143) - 7.3. Other loans and amounts receivable (secured) ......................................... 4,415,182 4,917,712 (502,530) - 7.4. Overdue loans and interest ....................................................................... 5,053,277 4,434,248 619,029 - 7.5. Provisions and impairments ...................................................................... (5,720,379) (4,423,726) (1,296,653) -


9. Assets with repurchase agreements ............................................................ 1,094,406 705,636 388,770 55.1% 10. Hedging derivatives .................................................................................... 80,308 43,399 36,909 85.0% 11. Non-current assets held for sale ................................................................. 377,740 296,318 81,422 27.5%


12. Investment properties ................................................................................ 2,951 3,500 (549) -15.7% 12.1. Gross amount .......................................................................................... 2,951 3,500 (549) - 12.2. Provisions, impairments and depreciation .............................................. - - - -

13. Other tangible assets .................................................................................. 378,349 412,742 (34,393) -8.3% 13.1. Gross amount .......................................................................................... 1,238,041 1,236,533 1,508 - 13.2. Provisions, impairments and depreciation .............................................. (859,692) (823,791) (35,901) -


15. Investments in subsidiaries, associates and joint ventures .......................... 3,321,220 3,352,134 (30,914) -0.9% 15.1. Gross amount .......................................................................................... 3,804,765 3,761,722 43,043 - 15.2. Provisions and impairments .................................................................... (483,545) (409,588) (73,957) -

16. Current income tax assets........................................................................... 22,763 97,923 (75,160) -76.8% 17. Deferred income tax assets......................................................................... 1,603,351 1,394,228 209,123 15.0% 18. Other assets ............................................................................................... 2,734,624 2,619,875 114,749 4.4%

18.1. Gross amount .......................................................................................... 3,099,251 2,929,099 170,152 - 18.2. Provisions and impairments .................................................................... (364,627) (309,224) (55,403) - Total Assets 90,857,544 93,835,993 (2,978,449) -3.2%






2. Financial liabilities held for trading ................................................................ 2,171,880 1,701,221 470,659 27.7%


4. Deposits from other credit institutions .......................................................... 4,413,264 5,194,605 (781,341) -15.0% 4.1. Deposits ........................................................................................................ 3,225,849 4,113,577 (887,728) - 4.2. Interbank money market .............................................................................. 174,247 36,830 137,417 - 4.3. Loans ............................................................................................................ 23,211 23,211 - - 4.4. Sale operations with repurchase agreements .............................................. 594,115 624,648 (30,533) - 4.5. Other funds .................................................................................................. 395,842 396,339 (497) -

5. Deposits from customers ............................................................................... 61,761,689 58,132,643 3,629,046 6.2%

5.1. Demand deposits.......................................................................................... 18,264,733 15,559,021 2,705,712 -

5.2. Term deposits ............................................................................................... 41,230,244 40,390,244 840,000 -

5.3. Savings accounts .......................................................................................... 1,994,010 2,052,724 (58,714) -

5.4. Other funds .................................................................................................. 272,702 130,654 142,048 -

6. Debt securities issued .................................................................................... 7,120,412 8,625,579 (1,505,167) -17.5%


6.2. Bonds ........................................................................................................... 6,974,534 8,543,286 (1,568,752) -

6.3. Other liabilities ............................................................................................. 145,878 82,293 63,585 -




10. Provisions...................................................................................................... 962,364 985,799 (23,435) -2.4%

11. Current income tax liabilities ......................................................................... 2,379 2,586 (207) -8.0%

12. Deferred income tax liabilities ....................................................................... 155,470 57,165 98,305 172.0%


14. Other subordinated liabilities ........................................................................ 2,606,273 2,596,350 9,923 0.4%

15. Other liabilities .............................................................................................. 1,692,318 1,906,757 (214,439) -11.2%


Equity

16. Share capital ................................................................................................. 5,900,000 5,900,000 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -


21. Other reserves and retained earnings ............................................................ (1,457,166) 37,731 (1,494,897) -3,962.0%

22. Net income for the year ................................................................................. (1,139,320) (1,090,515) (48,805) -4.5%


Total Equity 3,777,442 4,922,234 (1,144,792) -23.3%







3. Net interest income ...................................................................... 558,496 442,714 115,782 26.2% 4. Income from equity instruments ......................................................................... 116,791 82,356 34,435 - 5. Fee and commission income ............................................................................... 451,703 476,609 (24,906) - 6. Fee and commission expenses ............................................................................ (97,675) (111,679) 14,004 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (239,638) (440) (239,198) - 8. Net gains from available-for-sale financial assets ............................................... 317,510 118,110 199,400 - 9. Net gains from foreign exchange differences ...................................................... (6,542) 10,935 (17,477) -

10. Net gains from sale of other assets ..................................................................... (25,785) (49,972) 24,187 - 11. Other operating income and expense ................................................................. 46,171 65,429 (19,258) -

12. Operating income ......................................................................... 1,121,031 1,034,062 86,969 8.4% 13. Personnel costs ................................................................................................... 514,176 535,929 (21,753) - 14. General administrative expenses ........................................................................ 359,454 360,209 (755) - 15. Depreciation and amortization ........................................................................... 75,407 93,077 (17,670) - 16. Provisions net of reversals .................................................................................. (26,270) (170,314) 144,044 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 1,350,127 1,370,639 (20,512) -

18. Impairment on other financial assets net of reversals ........................................ 53,316 102,892 (49,576) - 19. Impairment on other assets net of reversals ....................................................... 166,766 186,278 (19,512) -

20. Net income before tax ...................................................................... (1,371,945) (1,444,648) 72,703 5.0% 21. Current tax .......................................................................................................... 19,441 (40,309) 59,750 - 22. Deferred tax ........................................................................................................ (252,066) (313,824) 61,758 - 23. Net income for the year (1,139,320) (1,090,515) (48,805) -4.5%



Net income for the year ............................................................................................ (1,139,320) (1,090,515) (48,805) -4.5% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 814,300 216,821 597,479 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. (264,057) (11,972) (252,085) - Taxes ............................................................................................................................ (151,332) (62,099) (89,233) - Pensions .......................................................................................................................... (16,340) (15,423) (917) - Other movements ........................................................................................................... (388,043) (43,837) (344,206) - Other comprehensive income for the year ..................................................................... (5,472) 83,489 (88,961) -106.6% Total comprehensive income for the year (1,144,792) (1,007,026) (137,766) -13.7%




Share Capital

Share premium

s


Treasury stock

Fair value reserve


earnings



equity

Balances as at December 31st 2013 5,900,000 - - - (49,894) 162,643 (1,090,515) 4,922,234


Changes in fair value, net of taxes ............................. - - - - - - - -

Pension fund – transitional arrangements................. - - - - - (16,340) - (16,340)

Other movements ..................................................... - - - - 550,242 (539,374) - 10,868

Net income for the year .................................................. - - - - - - (1,139,320) (1,139,320)

Total gains and losses recognised in the year - - - - 550,242 (555,714) (1,139,320) (1,144,792)

Capital increase ............................................................... - - - - - - - -

Issue / reimbursement of other capital instruments ....... - - - - - - - -

Transfer to reserves and retained earnings ..................... - - - - - (1,090,515) 1,090,515 -

Dividends on ordinary shares .......................................... - - - - - - - -

Prepaid dividends ............................................................ - - - - - - - -

Changes in treasury stock ............................................... - - - - - - - -

Share based payment scheme......................................... - - - - - - - -

Other movements ........................................................... - - - - - - - -

Balances as at December 31st 2014 5,900,000 - - - 500,348 (1,483,586) (1,139,320) 3,777,442





Cash flows from operating activities Interest and similar income received ........................................................ 2,691,521 3,030,627 (339,105) -

Interest and similar expenses paid ............................................................ (1,934,342) (1,987,169) 52,827 - Fees and commissions received ................................................................ 452,960 477,571 (24,610) - Fees and commissions paid ....................................................................... (97,675) (111,679) 14,004 - Recovery of loans ...................................................................................... 24,450 29,444 (4,995) - Contributions to pension fund and other benefits .................................... (378,054) (108,572) (269,481) - Cash payments to employees and suppliers .............................................. (799,485) (800,613) 1,128 - Other results.............................................................................................. 19,924 48,999 (29,076) -

Sub-total .................................................................................................... (20,700) 578,607 (599,308) -

Changes in operating assets and liabilities Financial assets and liabilities at fair value through profit or loss ............. (55,364) 109,967 (165,331) -

Loans and advances to credit institutions ................................................. 175,684 2,612,443 (2,436,759) - Deposits from credit institutions and central banks .................................. (3,996,424) (2,983,190) (1,013,234) - Loans and advances to credit institutions and customers ......................... 2,305,459 3,247,006 (941,547) - Deposits from customers .......................................................................... 3,758,387 (74,952) 3,833,339 - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ (596,549) 44,832 (641,381) -

Net cash from operating activities before income tax ................................. 1,570,491 3,534,713 (1,964,222) -55.6% Income tax paid ......................................................................................... 60,430 (38,909) 99,340 -

Net cash from operating activities .............................................................. 1,630,922 3,495,804 (1,864,883) -53.3%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................. (71,589) (5,000) (66,589) -

Divestment of subsidiaries and associates ................................................ 4,653 388,478 (383,825) - Dividends received .................................................................................... 117,398 83,898 33,500 - Acquisition of available-for-sale financial assets ....................................... (12,897,859) (14,425,720) 1,527,861 - Sale of available-for-sale financial assets .................................................. 13,612,893 14,288,594 (675,701) - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (41,429) (52,259) 10,830 - Sale of tangible and intangible assets ........................................................ 2,309 558 1,751 -

Net cash from investing activities ............................................................... 726,376 278,549 447,827 160.8%


Issue of debt securities .............................................................................. 925,566 3,126,599 (2,201,033) - Repayment of debt securities .................................................................... (2,425,994) (5,978,152) 3,552,158 - Issue / reimbursement of subordinated liabilities ..................................... - (400,128) 400,128 - Interest on debt securities issued .............................................................. (345,314) (505,066) 159,752 - Interest on subordinated liabilities ............................................................ (116,051) (142,349) 26,298 - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - - - -

Net cash from financing activities ............................................................... (1,961,793) (3,899,095) 1,937,302 49.7%

Net changes in cash and cash equivalents ................................................... 395,504 (124,742) 520,246 417.1% Cash and cash equivalents at the beginning of the year............................ 1,223,465 1,348,605 (125,140) - Effect of exchange rate changes on cash and cash equivalents................. 2,697 (399) 3,096 -

Net changes in cash and cash equivalents ................................................... 395,504 (124,742) 520,246 417.1% Cash and cash equivalents at the end of the year 1,621,666 1,223,465 398,201 32.5%



I.17. Caixa – Banco de Investimento, S.A.

Caixa – Banco de Investimento, S.A.


General Information Head Office: Rua Barata Salgueiro, n.º 33; 1269-057 Lisboa. Phone number: 213 137 300 Fax: 213 522 905 Website:

www.caixabi.pt

Corporate Boards Board of Directors Chairman: Nuno Maria Pinto de Magalhães Fernandes Thomaz; Executive Directors: Joaquim Pedro Saldanha do Rosário e Souza, Francisco José Pedreiro Rangel, Paulo

Alexandre de Oliveira e Silva, Paulo Alexandre da Rocha Henriques; Non-Executive Directors: José Manuel Carreiras Carrilho, José Pedro Cabral dos Santos; Executive Committee Chairman: Joaquim Pedro Saldanha do Rosário e Souza; Other Members: Francisco José Pedreiro Rangel, Paulo Alexandre de Oliveira e Silva, Paulo

Alexandre da Rocha Henriques; Board of the General Meeting of Shareholders

Chairman: José Lourenço Soares; Secretary: Salomão Jorge Barbosa Ribeiro, Ana Cristina Pinheiro Vieira Rodrigues de Andrade; Audit Board Chairman: Miguel José Pereira Athayde Marques; Members: Maria Rosa Tobias Sá, Pedro António Pereira Rodrigues Felício, João Manuel

Barata da Silva; ROC/ SROC (Statutory Auditor) SROC: Deloitte & Associados, SROC S.A., representada por João Carlos Henriques Gomes

Ferreira; Remunerations Committee Membros: Gerbanca SGPS, S.A. representada por Henrique Pereira Melo, Vitor José Lilaia da

Silva. Shareholder Structure

0.3%

99.7%

Private

Corporate






Total 155 94 61


Abroad 5 3 2 Total 160 97 63


Abroad36 1 Total 3




31 December 2014

Balance Sheet

Total assets .............................................................................................................. 2,075,484 2,100,827 Loans and advances to customers ........................................................................... 390,504 391,396 Deposits from customers ........................................................................................ 277,550 264,660 Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... (195,965) (180,445) Equity ...................................................................................................................... 299,571 339,248 Share capital ............................................................................................................ 81,250 81,250




Net cash from investing activities ........................................................................... (10,384) (10,365) Net cash from financing activities ........................................................................... - - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. (1,537) (838) Cash and cash equivalents at the beginning of the year ......................................... 3,123 3,487 Cash and cash equivalents at the end of the year ................................................... 1,586 2,649

Equity Total equity as at 31 December 2013....................................................................... 270,480 314,835

Total equity as at 31 December 2014....................................................................... 299,571 339,248






1. Cash and deposits at central banks ............................................................. 610 1,238 (628) -50.7% 1.1. Cash ........................................................................................................... 2 2 - - 1.2. Deposits at central banks .......................................................................... 608 1,236 (628) -

2. Deposits at other credit institutions ............................................................ 976 1,885 (909) -48.2%

3. Financial assets held for trading .................................................................. 798,925 531,383 267,542 50.3% 3.1. Bonds and other fixed income securities issued by public bodies ............. 1,106 526 580 - 3.2. Bonds and other fixed income securities issued by other bodies .............. 14,010 1,069 12,941 - 3.3. Shares ........................................................................................................ 3,063 8,668 (5,605) - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. 780,746 521,120 259,626 -

4. Other financial assets at fair value through profit or loss ............................ 4,961 5,084 (123) -2.4% 4.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 4.2. Bonds and other fixed income securities issued by other bodies .............. 4,961 5,084 (123) - 4.3. Shares ........................................................................................................ - - - - 4.4. Other securities ......................................................................................... - - - -

5. Available-for-sale financial assets ............................................................... 703,198 665,850 37,348 5.6% 5.1. Bonds and other fixed income securities issued by public bodies ............. 465,969 544,828 (78,859) - 5.2. Bonds and other fixed income securities issued by other bodies .............. 195,581 74,368 121,213 - 5.3. Shares ........................................................................................................ 18,860 22,804 (3,944) - 5.4. Other securities ......................................................................................... 30,819 25,665 5,154 - 5.5. Provisions and impairments ...................................................................... (8,031) (1,815) (6,216) -

6. Loans and advances to credit institutions ................................................... 40,941 4,878 36,063 739.3% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 4,288 2,280 2,008 - 6.3. Loans ......................................................................................................... - - - - 6.4. Other loans and advances ......................................................................... 36,653 2,598 34,055 - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 390,504 570,953 (180,449) -31.6% 7.1. Loans not represented by securities ......................................................... 409,558 645,766 (236,208) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... 2,649 4,295 (1,646) - 7.4. Overdue loans and interest ....................................................................... 13,197 45,459 (32,262) - 7.5. Provisions and impairments ...................................................................... (34,900) (124,567) 89,667 -



10. Hedging derivatives .................................................................................... - 1,724 (1,724) -100.0%

11. Non-current assets held for sale ................................................................. - - - - 11.1. Gross amount .......................................................................................... - - - - 11.2. Provisions and impairments .................................................................... - - - -



14. Intangible assets......................................................................................... 3,532 3,181 351 11.0% 14.1. Gross amount .......................................................................................... 8,318 7,849 469 - 14.2. Provisions, impairments and depreciation .............................................. (4,786) (4,668) (118) -

15. Investments in subsidiaries, associates and joint ventures .......................... 24,491 40,992 (16,501) -40.3% 15.1. Gross amount .......................................................................................... 53,226 53,226 - - 15.2. Provisions and impairments .................................................................... (28,735) (12,234) (16,501) -

16. Current income tax assets........................................................................... 949 13 936 7,200.0%

17. Deferred income tax assets......................................................................... 24,353 39,167 (14,814) -37.8%

18. Other assets ............................................................................................... 71,649 96,674 (25,025) -25.9% 18.1. Gross amount .......................................................................................... 106,725 96,674 10,051 - 18.2. Provisions and impairments .................................................................... (35,076) - (35,076) - Total Assets 2,075,484 1,974,016 101,468 5.1%








4. Deposits from other credit institutions .......................................................... 236,906 618,245 (381,339) -61.7% 4.1. Deposits ........................................................................................................ 177,229 281,574 (104,345) - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. 59,677 336,671 (276,994) -


5.1. Demand deposits.......................................................................................... 181,345 36,450 144,895 -

5.2. Term deposits ............................................................................................... 96,205 88,038 8,167 -


5.4. Other funds .................................................................................................. - 85 (85) -



6.2. Bonds ........................................................................................................... - - - -



8. Hedging derivatives ....................................................................................... 551 935 (384) -41.1%


10. Provisions...................................................................................................... 15,713 16,522 (809) -4.9%


12. Deferred income tax liabilities ....................................................................... 2,669 2,976 (307) -10.3%





Equity

16. Share capital ................................................................................................. 81,250 81,250 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... 10,636 (5,961) 16,597 278.4%

21. Other reserves and retained earnings ............................................................ 195,191 194,543 648 0.3%

22. Net income for the year ................................................................................. 12,494 648 11,846 1,828.1%


Total Equity 299,571 270,480 29,091 10.8%







3. Net interest income ...................................................................... 25,077 25,275 (198) -0.8% 4. Income from equity instruments ......................................................................... 200 450 (250) - 5. Fee and commission income ............................................................................... 43,321 50,196 (6,875) - 6. Fee and commission expenses ............................................................................ (3,596) (2,978) (618) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (16,907) 13,832 (30,739) - 8. Net gains from available-for-sale financial assets ............................................... 16,433 8,452 7,981 - 9. Net gains from foreign exchange differences ...................................................... 173 146 27 -

10. Net gains from sale of other assets ..................................................................... (1,459) (50) (1,409) - 11. Other operating income and expense ................................................................. 1,593 (594) 2,187 -

12. Operating income ......................................................................... 64,835 94,729 (29,894) -31.6% 13. Personnel costs ................................................................................................... 12,939 13,640 (701) - 14. General administrative expenses ........................................................................ 9,188 8,280 908 - 15. Depreciation and amortization ........................................................................... 792 878 (86) - 16. Provisions net of reversals .................................................................................. (809) 5,136 (5,945) -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... (21,555) 38,617 (60,172) -

18. Impairment on other financial assets net of reversals ........................................ 18,246 14,491 3,755 - 19. Impairment on other assets net of reversals ....................................................... 16,745 13,082 3,663 -

20. Net income before tax ...................................................................... 29,289 605 28,684 4,741.2% 21. Current tax .......................................................................................................... 4,933 7,574 (2,641) - 22. Deferred tax ........................................................................................................ 11,862 (7,617) 19,479 - 23. Net income for the year 12,494 648 11,846 1,828.1%


Thousands

Thousands

Thousands

%

Net income for the year ........................................................................................... 12,494 648 11,846 1,828.1% Available-for-sale financial assets

Gains / (losses) arising during the year ....................................................................... 20,190 19,602 588 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............ - (8,452) 8,452 - Taxes ............................................................................................................................ (3,593) (3,801) 208 - Pensions ......................................................................................................................... - - - - Other movements .......................................................................................................... - - - - Other comprehensive income for the year ..................................................................... 16,597 7,349 9,248 125.8% Total comprehensive income for the year 29,091 7,997 21,094 263.8%




Share Capital

Share premiums


Treasury stock

Fair value reserve

Other reserves




equity

Balances as at December 31st 2013 81,250 - - - (5,961) 194,543 648 270,480




Other movements ............................................ - - - - - - - -




Transfer to reserves ............................................... - - - - - 648 (648) -



Changes in treasury stock....................................... - - - - - - - -


Other movements .................................................. - - - - - - - -

Balances as at December 31st 2014 81,250 - - - 10,636 195,191 12,494 299,571






Interest and similar expenses paid ............................................................ (174,448) (217,089) 42,641 - Fees and commissions received ................................................................ 42,077 50,721 (8,644) - Fees and commissions paid ....................................................................... (3,596) (12,269) 8,673 - Recovery of loans ...................................................................................... - - - - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers .............................................. (23,052) (21,343) (1,709) -

Sub-total .................................................................................................... 41,348 37,141 4,207 -


Financial assets and liabilities at fair value through profit or loss ............. (282,602) 6,123 (288,725) - Loans and advances to credit institutions ................................................. (36,069) 40,586 (76,655) - Deposits from credit institutions ............................................................... (355,862) (6,711) (349,151) - Loans and advances to customers ............................................................. 202,389 29,981 172,408 - Deposits from customers .......................................................................... 154,397 (14,964) 169,361 - Hedging derivatives ................................................................................... 281,009 - 281,009 - Other operating assets and liabilities ........................................................ 4,923 (35,703) 40,626 -

Net cash from operating activities before income tax ................................. 9,533 56,453 (46,920) -83.1% Income tax paid ......................................................................................... (686) (20,140) 19,454 -



Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 200 450 (250) - Acquisition of available-for-sale financial assets ....................................... (10,039) - (10,039) - Sale of available-for-sale financial assets .................................................. - (50,334) 50,334 - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (545) (1,074) 529 - Sale of tangible and intangible assets ........................................................ - - - -

Net cash from investing activities ............................................................... (10,384) (50,958) 40,574 79.6%




Net changes in cash and cash equivalents ................................................... (1,537) (14,645) 13,108 89.5% Cash and cash equivalents at the beginning of the year............................ 3,123 17,768 (14,645) - Effect of exchange rate changes on cash and cash equivalents................. - - - -

Net changes in cash and cash equivalents ................................................... (1,537) (14,645) 13,108 89.5% Cash and cash equivalents at the end of the year 1,586 3,123 (1,537) -49.2%


I.18. SICAM – Sistema Integrado de Crédito Agrícola Mútuo

SICAM – Sistema Integrado de Crédito Agrícola Mútuo


General Information Head Office: Rua Castilho, n.º 233 - 233A; 1099-004 Lisboa. Phone number: 213 809 900 Fax: 213 870 840 Website:

www.creditoagricola.pt

Corporate Boards37 Supervisory Board Chairman: Carlos Alberto Courelas; Non-Executive Directors: Francisco Amâncio Oliveira Macedo, António João Mota Cachulo da Trindade, José

Luís Sereno Gomes Quaresma, Jorge Manuel da Piedade Volante, Afonso de Sousa Marto, Alcino dos Santos Sanfins, João Lázaro da Cruz Barrote, José Gonçalves Correia da Silva;

Executive Board of Directors Chairman: Licínio Manuel Prata Pina; Vice-Chairmen: Renato Manuel Ferreira Feitor, José Fernando Maia Alexandre; Other Members: Ana Paula Raposo Ramos Freitas, Sérgio Manuel Raposo Frade; Board of the General Meeting of Shareholders

Chairman: Nuno Carlos Ferreira Carrilho; Vice-Chairman: Carlos Alberto Pereira Martins; Secretary: João Batista Moreira Peres; ROC/ SROC (Statutory Auditor) ROC: Ernst & Young Audit & Associados – SROC, S.A., representada por Ana Rosa Ribeiro

Salcedas Montes Pinto; Advisory Board Chairman: João Manuel Correia da Saúde; Members: Hélio José de Lemos Rosa, Normando António Gil Xarepe, António Augusto do

Nascimento Mateus, António Francisco Coelho Pinheiro, José Manuel Guerreiro Estiveira Gonçalves, Francisco Eduardo das Neves Rebelo, Francisco José Salgueiro Correia, Ângelo de Jesus Antunes, Adriano Augusto Diegues.

Shareholder Structure37

37 The information refers to Caixa Central – Caixa Central de Crédito Agrícola Mútuo, CRL.

100.0%

Corporate





Heads of department 894 679 215 Specific 476 237 239 Administrative 2,136 1,068 1,068 Ancilliary 192 16 176

Total 3,698 2,000 1,698


Abroad 5 3 2 Total 3,703 2,003 1,700




Active bank accounts n.a. Active credit and debit cards 862,553 POSs 16,988


31 December 2014

Balance Sheet

Total assets .............................................................................................................. 13,266,600 15,049,651 Loans and advances to customers ........................................................................... 7,309,835 7,250,831 Deposits from customers ........................................................................................ 10,620,337 10,536,609 Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ 142,534 142,534 Loans and advances to / and deposits from credit institutions ............................... (135,965) (132,962) Equity ...................................................................................................................... 1,168,335 1,215,807 Share capital ............................................................................................................ 965,799 965,799




Net cash from investing activities ........................................................................... (219,872) (490,181) Net cash from financing activities ........................................................................... 23,219 32,618 Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. 38,171 35,047 Cash and cash equivalents at the beginning of the year ......................................... 463,471 466,613 Cash and cash equivalents at the end of the year ................................................... 501,642 501,660








1. Cash and deposits at central banks ............................................................. 423,404 384,777 38,627 10.0% 1.1. Cash ........................................................................................................... 108,356 108,072 284 - 1.2. Deposits at central banks .......................................................................... 315,048 276,705 38,343 -

2. Deposits at other credit institutions ............................................................ 78,237 78,693 (456) -0.6%

3. Financial assets held for trading .................................................................. 869 2 867 43,350.0% 3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. 869 2 867 -


5. Available-for-sale financial assets ............................................................... 4,137,132 3,780,437 356,695 9.4% 5.1. Bonds and other fixed income securities issued by public bodies ............. 3,140,692 2,605,539 535,153 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 604,803 755,393 (150,590) - 5.3. Shares ........................................................................................................ 463,083 459,854 3,229 - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... (71,446) (40,349) (31,097) -

6. Loans and advances to credit institutions ................................................... 191 31,931 (31,740) -99.4% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 59 24,913 (24,854) - 6.3. Loans ......................................................................................................... 130 7,014 (6,884) - 6.4. Other loans and advances ......................................................................... 2 4 (2) - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 7,309,835 7,491,909 (182,074) -2.4% 7.1. Loans not represented by securities ......................................................... 7,240,547 7,316,938 (76,391) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... 235,172 224,183 10,989 - 7.4. Overdue loans and interest ....................................................................... 671,650 657,451 14,199 - 7.5. Provisions and impairments ...................................................................... (837,534) (706,663) (130,871) -

8. Held-to-maturity investments..................................................................... 139,582 127,370 12,212 9.6% 8.1. Bonds and other fixed income securities issued by public bodies ............. 139,582 127,370 12,212 - 8.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 8.3. Provisions and impairments ...................................................................... - - - -



11. Non-current assets held for sale ................................................................. 429,011 400,990 28,021 7.0% 11.1. Gross amount .......................................................................................... 503,389 472,124 31,265 - 11.2. Provisions and impairments .................................................................... (74,378) (71,134) (3,244) -


13. Other tangible assets .................................................................................. 252,439 261,298 (8,859) -3.4% 13.1. Gross amount .......................................................................................... 472,344 471,187 1,157 - 13.2. Provisions, impairments and depreciation .............................................. (219,905) (209,889) (10,016) -

14. Intangible assets......................................................................................... 199 253 (54) -21.3% 14.1. Gross amount .......................................................................................... 14,580 14,638 (58) - 14.2. Provisions, impairments and depreciation .............................................. (14,381) (14,385) 4 -

15. Investments in subsidiaries, associates and joint ventures .......................... 70,485 76,307 (5,822) -7.6% 15.1. Gross amount .......................................................................................... 71,017 76,851 (5,834) - 15.2. Provisions and impairments .................................................................... (532) (544) 12 -

16. Current income tax assets........................................................................... 1,170 6,779 (5,609) -82.7%


18. Other assets ............................................................................................... 269,419 202,394 67,025 33.1% 18.1. Gross amount .......................................................................................... 286,805 218,471 68,334 - 18.2. Provisions and impairments .................................................................... (17,386) (16,077) (1,309) - Total Assets 13,266,600 12,968,918 297,682 2.3%





1. Deposits from central banks .......................................................................... 980,226 1,262,845 (282,619) -22.4%

2. Financial liabilities held for trading ................................................................ 197 304 (107) -35.2%


4. Deposits from other credit institutions .......................................................... 136,156 100,067 36,089 36.1% 4.1. Deposits ........................................................................................................ 130,829 54,559 76,270 - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. 4,605 43,983 (39,378) - 4.5. Other funds .................................................................................................. 722 1,525 (803) -

5. Deposits from customers ............................................................................... 10,620,337 10,209,731 410,606 4.0%

5.1. Demand deposits.......................................................................................... 2,943,593 2,738,642 204,951 -

5.2. Term deposits ............................................................................................... 5,545,217 5,307,159 238,058 -

5.3. Savings accounts .......................................................................................... 2,120,515 2,151,935 (31,420) -

5.4. Other funds .................................................................................................. 11,012 11,995 (983) -



6.2. Bonds ........................................................................................................... - - - -





10. Provisions...................................................................................................... 6,470 3,402 3,068 90.2%


12. Deferred income tax liabilities ....................................................................... 15,723 597 15,126 2,533.7%

13. Equity instruments ........................................................................................ 2,256 10,649 (8,393) -78.8%




Equity

16. Share capital ................................................................................................. 965,799 926,356 39,443 4.3%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -



22. Net income for the year ................................................................................. 24,505 1,506 22,999 1,527.2%


Total Equity 1,168,335 1,105,873 62,462 5.6%






1. Interest and similar income ................................................................................. 457,014 457,451 (437) - 2. Interest and similar expense ............................................................................... 208,789 206,794 1,995 -

3. Net interest income ...................................................................... 248,225 250,657 (2,432) -1.0% 4. Income from equity instruments ......................................................................... 341 856 (515) - 5. Fee and commission income ............................................................................... 138,214 142,358 (4,144) - 6. Fee and commission expenses ............................................................................ (9,692) (10,760) 1,068 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 1,448 240 1,208 - 8. Net gains from available-for-sale financial assets ............................................... 169,130 76,272 92,858 - 9. Net gains from foreign exchange differences ...................................................... 847 1,411 (564) -

10. Net gains from sale of other assets ..................................................................... (2,168) (2,478) 310 - 11. Other operating income and expense ................................................................. 8,033 14,089 (6,056) -

12. Operating income ......................................................................... 554,378 472,645 81,733 17.3% 13. Personnel costs ................................................................................................... 164,986 163,962 1,024 - 14. General administrative expenses ........................................................................ 121,298 123,604 (2,306) - 15. Depreciation and amortization ........................................................................... 14,191 14,790 (599) - 16. Provisions net of reversals .................................................................................. 5,119 (4,782) 9,901 -


18. Impairment on other financial assets net of reversals ........................................ 29,256 15,350 13,906 - 19. Impairment on other assets net of reversals ....................................................... 11,130 33,072 (21,942) -

20. Net income before tax ...................................................................... 53,397 20,264 33,133 163.5% 21. Current tax .......................................................................................................... 49,288 18,788 30,500 - 22. Deferred tax ........................................................................................................ (20,396) (30) (20,366) - 23. Net income for the year 24,505 1,506 22,999 1,527.2%



Net income for the year ............................................................................................ 24,505 1,506 22,999 1,527.2% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 25,744 16,613 9,131 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. (12,274) (223) (12,051) - Taxes ............................................................................................................................ 10,901 (2,013) 12,914 - Pensions .......................................................................................................................... 4,046 - 4,046 - Other movements ........................................................................................................... 1,832 - 1,832 - Other comprehensive income for the year ..................................................................... 30,249 14,377 15,872 110.4% Total comprehensive income for the year 54,755 15,883 38,871 244.7%




Share Capital

Share premiums


Treasury stock

Fair value reserve


earnings



equity

Balances as at December 31st 2013 926,356 - - - 26,423 151,588 1,506 1,105,873




Other movements ............................................. - - - - - - - -

Net income for the year.......................................... - - - - - - 24,505 24,505


Capital increase ...................................................... 15,955 - - - - (15,955) - - Issue / reimbursement of other capital instruments ............................................................ - - - - - - - -

Transfer to reserves ................................................ - - - - - 1,506 (1,506) -





Other movements .................................................. 23,488 - - - - (15,780) - 7,708

Balances as at December 31st 2014 965,799 - - - 56,672 121,359 24,505 1,168,335





Cash flows from operating activities ........................................................... Interest and similar income received ........................................................ 457,014 457,451 (437) -

Interest and similar expenses paid ............................................................ (208,789) (206,794) (1,995) - Fees and commissions received ................................................................ 138,214 142,358 (4,144) - Fees and commissions paid ....................................................................... (9,692) (10,760) 1,068 - Recovery of loans ...................................................................................... 25,515 31,822 (6,307) - Contributions to pension fund .................................................................. (1,367) (2,265) 898 - Cash payments to employees and suppliers .............................................. (284,917) (285,302) 385 -

Sub-total .................................................................................................... 115,978 126,510 (10,532) -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... (980,226) (1,262,845) 282,619 -

Financial assets and liabilities at fair value through profit or loss ............. 582 6,654 (6,072) - Loans and advances to credit institutions ................................................. 31,740 75,048 (43,308) - Deposits from credit institutions ............................................................... (246,530) (785,105) 538,575 - Loans and advances to customers ............................................................. 26,988 118,513 (91,525) - Deposits from customers .......................................................................... 410,605 32,029 378,576 - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ 897,815 1,156,923 (259,108) -

Net cash from operating activities before income tax ................................. 256,952 (532,273) 789,225 148.3% Income tax paid ......................................................................................... (22,128) (20,129) (1,999) -

Net cash from operating activities .............................................................. 234,824 (552,402) 787,226 142.5%


Divestment of subsidiaries and associates ................................................ 5,821 8,252 (2,431) - Dividends received .................................................................................... 341 855 (514) - Acquisition of available-for-sale financial assets ....................................... (207,439) (1,602,622) 1,395,183 - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments ................................................................... (12,212) 2,107,028 (2,119,240) - Acquisition of tangible and intangible assets ............................................ (6,383) (15,867) 9,484 - Sale of tangible and intangible assets ........................................................ - - - -

Net cash from investing activities ............................................................... (219,872) 497,646 (717,518) -144.2%

Cash flows from financing activities Capital increase ......................................................................................... 14,089 420 13,669 -

Issue of bonds and other debt securities ................................................... - - - - Reimbursement of bonds and other debt securities ................................. - - - - Issue / reimbursement of subordinated liabilities ..................................... 9,130 4,568 4,562 - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - - - -

Net cash from financing activities ............................................................... 23,219 4,988 18,231 365.5%

Net changes in cash and cash equivalents ................................................... 38,171 (49,768) 87,939 176.7% Cash and cash equivalents at the beginning of the year............................ 463,471 513,239 (49,768) - Effect of exchange rate changes on cash and cash equivalents................. - - - -



I.19. Banco Bilbao Vizcaya Argentaria (Portugal), S.A.



General Information Head Office: Avenida da Liberdade, n.º 222; 1500-148 Lisboa. Phone number: 213 117 200 Fax: 213 117 500 Website:

www.bbva.pt

Corporate Boards Board of Directors Chairman: José Eduardo Vera Cruz Jardim; Executive Directors: Alberto Manuel Charro Pastor, Susana Nereu de Oliveira Ribeiro, José Planes

Moreno, Manuel Gonçalves Ferreira, José Miguel Blanco, Luís Aires Coruche de Castro e Almeida;

Non-Executive Directors: Álvaro Aresti Aldasoro, José Vicente Mestre Carceller, Cristina de Parias Halcón, Carlos José Alcina Costa;

Audit Board Chairman: Plácido Norberto dos Inocentes; Members: Carlos Alexandre de Pádua Corte-Real Pereira, João Duarte Lopes Ribeiro, Luís

Fernando Sampaio Pinto Bandeira; ROC/ SROC (Statutory Auditor) SROC: Deloitte & Associados, SROC nº 43; Company Secretary: José António Mendes Garcia Barata, ROC nº 1210.


100.0%

Corporate






Total 606 311 295


Abroad - - - Total 606 311 295


Abroad39 - Total 41




31 December 2014

Balance Sheet

Total assets .............................................................................................................. 5,198,608 5,179,512 Loans and advances to customers ........................................................................... 4,646,569 4,648,193 Deposits from customers ........................................................................................ 2,644,335 2,613,515 Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... (1,903,929) (1,905,440) Equity ...................................................................................................................... 220,223 240,224 Share capital ............................................................................................................ 530,000 530,000




Net cash from investing activities ........................................................................... 15,344 15,344 Net cash from financing activities ........................................................................... - - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. (5,706) (5,707) Cash and cash equivalents at the beginning of the year ......................................... 89,747 89,761 Cash and cash equivalents at the end of the year ................................................... 84,041 84,054


Total equity as at 31 December 2014 ...................................................................... 220,223 240,224 39 Includes branches and representation offices.





1. Cash and deposits at central banks ............................................................. 55,467 42,587 12,880 30.2% 1.1. Cash ........................................................................................................... 27,646 19,283 8,363 - 1.2. Deposits at central banks .......................................................................... 27,821 23,304 4,517 -


3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ 10,624 8,450 2,174 - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. 66,034 50,845 15,189 -


5. Available-for-sale financial assets ............................................................... 32,900 48,505 (15,605) -32.2% 5.1. Bonds and other fixed income securities issued by public bodies ............. 27,255 43,352 (16,097) - 5.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 5.3. Shares ........................................................................................................ 6,419 5,767 652 - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... (774) (614) (160) -

6. Loans and advances to credit institutions ................................................... 141,596 8,363 133,233 1.593.1% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 133,999 1,015 132,984 - 6.3. Loans ......................................................................................................... 7,571 7,327 244 - 6.4. Other loans and advances ......................................................................... 26 21 5 - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 4,646,569 5,010,275 (363,706) -7.3% 7.1. Loans not represented by securities ......................................................... 4,280,459 4,573,993 (293,534) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... 399,521 442,171 (42,650) - 7.4. Overdue loans and interest ....................................................................... 283,915 256,281 27,634 - 7.5. Provisions and impairments ...................................................................... (317,326) (262,170) (55,156) -


9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... 315 1,590 (1,275) -80.2% 11. Non-current assets held for sale ................................................................. 426 655 (229) -35.0%

11.1. Gross amount .......................................................................................... 807 1,076 (269) - 11.2. Provisions and impairments .................................................................... (381) (421) 40 -


13. Other tangible assets .................................................................................. 20,087 44,838 (24,751) -55.2% 13.1. Gross amount .......................................................................................... 89,628 125,161 (35,533) - 13.2. Provisions, impairments and depreciation .............................................. (69,541) (80,323) 10,782 -

14. Intangible assets......................................................................................... 20,918 20,058 860 4.3% 14.1. Gross amount .......................................................................................... 30,435 26,261 4,174 - 14.2. Provisions, impairments and depreciation .............................................. (9,517) (6,203) (3,314) -

15. Investments in subsidiaries, associates and joint ventures .......................... 18,965 19,235 (270) -1.4% 15.1. Gross amount .......................................................................................... 29,783 29,783 - - 15.2. Provisions and impairments .................................................................... (10,818) (10,548) (270) -

16. Current income tax assets........................................................................... 143 68 75 110.3% 17. Deferred income tax assets......................................................................... 97,230 38,752 58,478 150.9% 18. Other assets ............................................................................................... 58,760 44,226 14,534 32.9%

18.1. Gross amount .......................................................................................... 73,685 56,090 17,595 - 18.2. Provisions and impairments .................................................................... (14,925) (11,864) (3,061) - Total Assets 5,198,608 5,385,607 (186,999) -3.5%








4. Deposits from other credit institutions .......................................................... 2,045,525 2,385,821 (340,296) -14.3% 4.1. Deposits ........................................................................................................ 2,018,469 2,352,258 (333,789) - 4.2. Interbank money market .............................................................................. 19,768 18,128 1,640 - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. 7,288 15,435 (8,147) -


5.1. Demand deposits.......................................................................................... 765,789 750,916 14,873 -

5.2. Term deposits ............................................................................................... 1,872,730 1,786,320 86,410 -

5.3. Savings accounts .......................................................................................... 1,506 1,972 (466) -

5.4. Other funds .................................................................................................. 4,310 9,420 (5,110) -



6.2. Bonds ........................................................................................................... - - - -





10. Provisions...................................................................................................... 27,890 30,408 (2,518) -8.3%

11. Current income tax liabilities ......................................................................... 327 62 265 427.4%

12. Deferred income tax liabilities ....................................................................... 1,016 140 876 625.7%





Equity

16. Share capital ................................................................................................. 530,000 530,000 - 0.0%

17. Share premiums ............................................................................................ 7,008 7,008 - 0.0%


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... (58,879) (73,945) 15,066 20.4%




Total Equity 220,223 268,760 (48,537) -18.1%







3. Net interest income ...................................................................... 50,166 52,840 (2,674) -5.1% 4. Income from equity instruments ......................................................................... 489 385 104 - 5. Fee and commission income ............................................................................... 25,063 27,392 (2,329) - 6. Fee and commission expenses ............................................................................ (6,434) (6,883) 449 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (7,833) (8,678) 845 - 8. Net gains from available-for-sale financial assets ............................................... 5,539 (794) 6,333 - 9. Net gains from foreign exchange differences ...................................................... 901 1,331 (430) -

10. Net gains from sale of other assets ..................................................................... (9,948) (751) (9,197) - 11. Other operating income and expense ................................................................. 13,711 (3,019) 16,730 -

12. Operating income ......................................................................... 71,654 61,823 9,831 15.9% 13. Personnel costs ................................................................................................... 51,026 46,772 4,254 - 14. General administrative expenses ........................................................................ 32,436 29,127 3,309 - 15. Depreciation and amortization ........................................................................... 6,229 5,271 958 - 16. Provisions net of reversals .................................................................................. (1,735) (3,934) 2,199 -


18. Impairment on other financial assets net of reversals ........................................ 181 - 181 - 19. Impairment on other assets net of reversals ....................................................... 5,796 (1,433) 7,229 -

20. Net income before tax ...................................................................... (106,163) (99,148) (7,015) -7.1% 21. Current tax .......................................................................................................... 2,898 2,409 489 - 22. Deferred tax ........................................................................................................ (45,205) 10,959 (56,164) - 23. Net income for the year (63,856) (112,516) 48,660 43.2%


Thousands

Thousands

Thousands

%

Net income for the year .......................................................................................... (63,856) (112,516) 48,660 43.2% Available-for-sale financial assets

Gains / (losses) arising during the year ...................................................................... 3,530 1,900 1,630 - Reclassification adjustments for gains/ (losses) included in the profit or loss........... - - - - Taxes .......................................................................................................................... (887) (551) (336) - Pensions ........................................................................................................................ - - - - Other movements ......................................................................................................... 12,378 (382) 12,760 - Other comprehensive income for the year ................................................................... 15,021 967 14,054 1,453.4% Total comprehensive income for the year (48,835) (111,549) 62,714 56.2%




Share Capital

Share premiums


Treasury stock

Fair value reserve


earnings



equity

Balances as at December 31st 2013 530,000 7,008 - - (73,945) (81,787) (112,516) 268,760



Pensões – desvios actuariais ............................. - - - - 12,378 - - 12,378

Other movements ............................................ - - - - - 253 - 253

Net income for the year ......................................... - - - - - - (63,856) (63,856)

Total gains and losses recognised in the year - - - - 15,021 253 (63,856) (48,582)







Other movements .................................................. - - - - 45 - - 45

Balances as at December 31st 2014 530,000 7,008 - - (58,879) (194,050) (63,856) 220,223






Interest and similar expenses paid ............................................................ (70,755) (106,674) 35,919 - Fees and commissions received ................................................................ 23,747 26,417 (2,670) - Fees and commissions paid ....................................................................... (4,683) (4,419) (264) - Recovery of loans ...................................................................................... - - - - Contributions to pension fund .................................................................. (10,786) (148) (10,638) - Cash payments to employees and suppliers .............................................. (83,613) (76,303) (7,310) -

Sub-total .................................................................................................... (26,597) (9,602) (16,995) -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... 65,000 (315,000) 380,000 -

Financial assets and liabilities at fair value through profit or loss ............. 16,760 (18,318) 35,078 - Loans and advances to credit institutions ................................................. (133,226) 203,234 (336,460) - Deposits from credit institutions ............................................................... (340,003) (615,253) 275,250 - Loans and advances to customers ............................................................. 279,561 443,837 (164,276) - Deposits from customers .......................................................................... 98,141 256,157 (158,016) - Hedging derivatives ................................................................................... - 7 (7) - Other operating assets and liabilities ........................................................ 22,017 26,355 (4,338) -

Net cash from operating activities before income tax ................................. (18,347) (28,583) 10,236 35.8% Income tax paid ......................................................................................... (2,703) (1,342) (1,361) -

Net cash from operating activities .............................................................. (21,050) (29,925) 8,875 29.7%


Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 489 385 104 - Acquisition of available-for-sale financial assets ....................................... - - - - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (21,486) (13,276) (8,210) - Sale of tangible and intangible assets ........................................................ 36,341 1,771 34,570 -

Net cash from investing activities ............................................................... 15,344 (11,120) 26,464 238.0%



Net cash from financing activities ............................................................... - 50,000 (50,000) -100.0%




I.20. Banco Popular Portugal, S.A.



General Information Head Office: Rua Ramalho Ortigão, n.º 51; 1099-090 Lisboa. Phone number: 210 071 000 Fax: 210 071 996 Website:

www.bancopopular.pt

Corporate Boards Board of Directors Chairman: Rui Manuel Morganho Semedo; Executive Directors: Carlos Manuel Sobral Cid da Costa Álvares, Tomás Pereira Pena, José Ramón

Alonso Lobo; Board of the General Meeting of Shareholders

Chairman: Augusto Fernando Correia Aguiar-Branco; Secretary: João Carlos de Albuquerque de Moura Navega; Audit Board Chairman: Rui Manuel Ferreira de Oliveira; Members: Telmo Francisco Salvador Vieira, António José Marques Centúrio Monzelo; ROC/ SROC (Statutory Auditor) ROC: PricewaterhouseCoopers & Associados, SROC, Lda.


100.0%

Corporate





Heads of department 346 282 64 Specific 735 527 208 Administrative 215 92 123 Ancilliary 3 3 -

Total 1,299 904 395


Abroad - - - Total 1,299 904 395


Abroad40 - Total 173




31 December 2014

Balance Sheet

Total assets .............................................................................................................. 8,405,848 - Loans and advances to customers ........................................................................... 5,458,783 - Deposits from customers ........................................................................................ 4,114,903 - Debt securities issued .............................................................................................. 317,251 - Subordinated liabilities ............................................................................................ - - Loans and advances to / and deposits from credit institutions ............................... (1,867,447) - Equity ...................................................................................................................... 703,205 - Share capital ............................................................................................................ 476,000 -




Net cash from investing activities ........................................................................... 165,638 - Net cash from financing activities ........................................................................... (565,979) - Effect of exchange rate changes on cash and cash equivalents .............................. 1,346 - Net changes in cash and cash equivalents .............................................................. (1,163,826) - Cash and cash equivalents at the beginning of the year ......................................... 1,487,896 - Cash and cash equivalents at the end of the year ................................................... 325,416 -








1. Cash and deposits at central banks ............................................................. 134,283 54,114 80,169 148.1% 1.1. Cash ........................................................................................................... 48,546 49,158 (612) - 1.2. Deposits at central banks .......................................................................... 85,737 4,956 80,781 -


3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... 38,784 48,101 (9,317) - 3.5. Derivatives ................................................................................................ 39,496 25,742 13,754 -

4. Other financial assets at fair value through profit or loss ............................ - 24,983 (24,983) -100.0% 4.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 4.2. Bonds and other fixed income securities issued by other bodies .............. - 24,983 (24,983) - 4.3. Shares ........................................................................................................ - - - - 4.4. Other securities ......................................................................................... - - - -

5. Available-for-sale financial assets ............................................................... 1,879,094 1,704,136 174,958 10.3% 5.1. Bonds and other fixed income securities issued by public bodies ............. 627,417 564,912 62,505 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 1,230,451 1,138,547 91,904 - 5.3. Shares ........................................................................................................ 3,176 3,131 45 - 5.4. Other securities ......................................................................................... 20,504 - 20,504 - 5.5. Provisions and impairments ...................................................................... (2,454) (2,454) - -

6. Loans and advances to credit institutions ................................................... 197,962 1,268,822 (1,070,860) -84.4% 6.1. Interbank money market........................................................................... - - - - 6.2. Deposits .................................................................................................... 184,954 190,943 (5,989) - 6.3. Loans ......................................................................................................... 10,048 192 9,856 - 6.4. Other loans and advances ......................................................................... 2,960 73,895 (70,935) - 6.5. Purchase operations with resale agreements ........................................... - 1,003,792 (1,003,792) - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 5,458,783 5,249,456 209,327 4.0% 7.1. Loans not represented by securities ......................................................... 5,093,817 4,973,379 120,438 - 7.2. Non-derecognised securitised loans ......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... 351,981 264,148 87,833 - 7.4. Overdue loans and interest ....................................................................... 329,450 272,822 56,628 - 7.5. Provisions and impairments ...................................................................... (316,465) (260,893) (55,572) -

8. Held-to-maturity investments .................................................................... - - - - 8.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 8.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 8.3. Provisions and impairments ...................................................................... - - - -

9. Assets with repurchase agreements............................................................ - - - - 10. Hedging derivatives .................................................................................... - 103 (103) -100.0% 11. Non-current assets held for sale ................................................................. 20,747 20,747 - 0.0%

11.1. Gross amount .......................................................................................... 20,747 20,747 - - 11.2. Provisions and impairments .................................................................... - - - -



14. Intangible assets ........................................................................................ 71 172 (101) -58.7% 14.1. Gross amount .......................................................................................... 20,864 20,832 32 - 14.2. Provisions, impairments and depreciation .............................................. (20,793) (20,660) (133) -


16. Current income tax assets .......................................................................... 3,566 3,566 - 0.0% 17. Deferred income tax assets ........................................................................ 75,226 72,175 3,051 4.2% 18. Other assets ............................................................................................... 406,986 493,248 (86,262) -17.5%

18.1. Gross amount .......................................................................................... 436,103 546,688 (110,585) - 18.2. Provisions and impairments .................................................................... (29,117) (53,440) 24,323 - Total Assets 8,405,848 9,222,173 (816,325) -8.9%





1. Deposits from central banks .......................................................................... 900,003 1,306,839 (406,836) -31.1%



4. Deposits from other credit institutions .......................................................... 2,065,409 1,919,736 145,673 7.6% 4.1. Deposits ........................................................................................................ 1,170,146 640,086 530,060 - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ 112,524 119,043 (6,519) - 4.4. Sale operations with repurchase agreements .............................................. 781,522 1,160,524 (379,002) - 4.5. Other funds .................................................................................................. 1,217 83 1,134 -

5. Deposits from customers ............................................................................... 4,114,903 4,216,578 (101,675) -2.4%

5.1. Demand deposits.......................................................................................... 907,262 744,474 162,788 -

5.2. Term deposits ............................................................................................... 3,197,826 3,453,558 (255,732) -

5.3. Savings accounts .......................................................................................... 4,225 4,902 (677) -

5.4. Other funds .................................................................................................. 5,590 13,644 (8,054) -

6. Debt securities issued .................................................................................... 317,251 865,255 (548,004) -63.3%


6.2. Bonds ........................................................................................................... 317,251 865,255 (548,004) -





10. Provisions...................................................................................................... 52,575 51,054 1,521 3.0%







Equity

16. Share capital ................................................................................................. 476,000 476,000 - 0.0%

17. Share premiums ............................................................................................ 10,109 10,109 - 0.0%


19. Treasury stock ............................................................................................... - - - -





Total Equity 703,205 665,888 37,317 5.6%







3. Net interest income ...................................................................... 124,723 121,248 3,475 2.9% 4. Income from equity instruments ......................................................................... 60 49 11 - 5. Fee and commission income ............................................................................... 64,007 60,657 3,350 - 6. Fee and commission expenses ............................................................................ (8,330) (8,574) 244 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (3,482) (2,686) (796) - 8. Net gains from available-for-sale financial assets ............................................... 9,549 11,389 (1,840) - 9. Net gains from foreign exchange differences ...................................................... 1,334 1,288 46 -

10. Net gains from sale of other assets ..................................................................... (8,329) (5,241) (3,088) - 11. Other operating income and expense ................................................................. (7,243) (6,415) (828) -

12. Operating income ......................................................................... 172,289 171,715 574 0.3% 13. Personnel costs ................................................................................................... 58,175 56,309 1,866 - 14. General administrative expenses ........................................................................ 50,696 51,473 (777) - 15. Depreciation and amortization ........................................................................... 3,848 5,023 (1,175) - 16. Provisions net of reversals .................................................................................. 1,521 8,563 (7,042) -


18. Impairment on other financial assets net of reversals ........................................ - - - - 19. Impairment on other assets net of reversals ....................................................... (6,828) 12,481 (19,309) -

20. Net income before tax ...................................................................... 5,444 (51,524) 56,968 110.6% 21. Current tax .......................................................................................................... 1,944 (957) 2,901 - 22. Deferred tax ........................................................................................................ 1,217 (18,847) 20,064 - 23. Net income for the year 2,283 (31,720) 34,003 107.2%



Net income for the year ............................................................................................ 2,283 (31,720) 34,003 107.2% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 70,919 79,172 (8,253) - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................. (17,466) (22,452) 4,986 - Pensions .......................................................................................................................... (18,419) (11,002) (7,417) - Other movements ........................................................................................................... - - - - Other comprehensive income for the year ..................................................................... 35,034 45,718 (10,684) -23.4% Total comprehensive income for the year 37,317 13,998 23,319 166.6%




Share Capital

Share premiums


Treasury stock

Fair value reserve

Other reserves




equity

Balances as at December 31st 2013 476,000 10,109 - - (54,143) 265,642 (31,720) 665,888


Changes in fair value, net of taxes ........................... - - - - 53,454 - - 53,454

Pension fund – transitional arrangements ............... - - - - - (18,420) - (18,420)

Other movements .................................................... - - - - - - - -

Net income for the year ................................................. - - - - - - 2,283 2,283

Total gains and losses recognised in the year - - - - 53,454 (18,420) 2,283 37,317



Transfer to reserves ....................................................... - - - - - (31,720) 31,720 -





Other movements ......................................................... - - - - (1,596) 1,596 - -

Balances as at December 31st 2014 476,000 10,109 - - (2,285) 217,098 2,283 703,205






Interest and similar expenses paid ............................................................ (111,253) (128,229) 16,976 - Fees and commissions received ................................................................ 64,347 56,747 7,600 - Fees and commissions paid ....................................................................... (8,330) (8,574) 244 - Recovery of loans ...................................................................................... 2,981 1,337 1,644 - Contributions to pension fund .................................................................. (22,050) (647) (21,403) - Cash payments to employees and suppliers .............................................. (106,337) (95,787) (10,550) -

Sub-total .................................................................................................... 24,714 72,197 (47,483) -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... (80,781) 117,729 (198,510) -

Financial assets and liabilities at fair value through profit or loss ............. 31,394 (21,024) 52,418 - Loans and advances to credit institutions ................................................. 3,229 140,773 (137,544) - Deposits from credit institutions ............................................................... (248,913) 194,732 (443,645) - Loans and advances to customers ............................................................. (346,275) 358,014 (704,289) - Deposits from customers .......................................................................... (91,231) 311,562 (402,793) - Hedging derivatives ................................................................................... 15,424 (48,846) 64,270 - Other operating assets and liabilities ........................................................ (70,919) (156,881) 85,962 -

Net cash from operating activities before income tax ................................. (763,358) 968,256 (1,731,614) -178.8% Income tax paid ......................................................................................... (127) (1,248) 1,121 -

Net cash from operating activities .............................................................. (763,485) 967,008 (1,730,493) -179.0%


Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 60 49 11 - Acquisition of available-for-sale financial assets ....................................... (738,254) (2,980,422) 2,242,168 - Sale of available-for-sale financial assets .................................................. 696,096 2,975,761 (2,279,665) - Held-to-maturity investments ................................................................... - 301,019 (301,019) - Acquisition of tangible and intangible assets ............................................ (1,483) (513) (970) - Sale of tangible and intangible assets ........................................................ 209,219 172,885 36,334 -



Issue of bonds and other debt securities ................................................... 298,622 122,946 175,676 - Reimbursement of bonds and other debt securities ................................. (864,601) (300,192) (564,409) - Issue / reimbursement of subordinated liabilities ..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - - - -


Net changes in cash and cash equivalents ................................................... (1,163,826) 1,258,541 (2,422,367) -192.5% Cash and cash equivalents at the beginning of the year............................ 1,487,896 227,772 1,260,124 - Effect of exchange rate changes on cash and cash equivalents................. 1,346 1,583 (237) -

Net changes in cash and cash equivalents ................................................... (1,163,826) 1,258,541 (2,422,367) -192.5% Cash and cash equivalents at the end of the year 325,416 1,487,896 (1,162,480) -78.1%


I.21. Banco Santander Consumer Portugal, S.A.

Banco Santander Consumer Portugal, S.A.


General Information Head Office: Rua Castilho, n.º 2; 1269-073 Lisboa. Phone number: 218 640 200 Fax: 218 640 573 Website:

www.santanderconsumer.pt

Corporate Boards Board of Directors Chairman: Inés Serrano Gonzalez; Executive Directors: Henrique Carvalho e Silva, José Maria Martin Prada, Luís Filipe Pires Ferreira; Non-Executive Directors: David Turiel; Executive Committee Chairman: Henrique Carvalho e Silva; Other Members: Inés Serrano Gonzalez, Luís Filipe Pires Ferreira, José Maria Martin Prada; Board of the General Meeting of Shareholders

Chairman: Henrique Reynaud Campos Trocado; Secretary: Sara Larcher; Audit Board Chairman: Diogo José Paredes Leite de Campos; Members: Susana Teresa Baptista Nunes Cirera Soutelinho, Manuel António Amaral Franco

Preto; ROC/ SROC (Statutory Auditor) SROC: Deloitte & Associados, SROC, S.A. representado por Paulo Fernandes; Company Secretary: Sara Larcher; Remunerations Committee Chairman: David Turiel Lopez; Members: Sandra Faustino.


100.0%

Corporate





Heads of department 53 29 24 Specific 94 32 62 Administrative 21 - 21 Ancilliary - - -

Total 168 61 107


Abroad - - - Total 168 61 107


Abroad41 - Total 4


Active bank accounts 4 Active credit and debit cards 41,730 POSs -


31 December 2014

Balance Sheet

Total assets .............................................................................................................. 1,347,517 870,097 Loans and advances to customers ........................................................................... 820,824 809,910 Deposits from customers ........................................................................................ 1,500 1,500 Debt securities issued .............................................................................................. - - Subordinated liabilities ............................................................................................ 15,056 15,056 Loans and advances to / and deposits from credit institutions ............................... (648,443) (499,303) Equity ...................................................................................................................... 123,770 142,883 Share capital ............................................................................................................ 66,593 66,593




Net cash from investing activities ........................................................................... 82,949 (643) Net cash from financing activities ........................................................................... - - Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. (15,779) (33,009) Cash and cash equivalents at the beginning of the year ......................................... 17,037 77,133 Cash and cash equivalents at the end of the year ................................................... 1,258 44,124








1. Cash and deposits at central banks ............................................................. 43 16,053 (16,010) -99.7% 1.1. Cash ........................................................................................................... 43 16,053 (16,010) - 1.2. Deposits at central banks .......................................................................... - - - -

2. Deposits at other credit institutions ............................................................ 2,082 984 1,098 111.6%

3. Financial assets held for trading .................................................................. 850 1,296 (446) -34.4% 3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. 850 1,296 (446) -


5. Available-for-sale financial assets ............................................................... - - - - 5.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 5.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 5.3. Shares ........................................................................................................ - - - - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... - - - -


7. Loans and advances to customers ............................................................... 820,824 853,760 (32,936) -3.9% 7.1. Loans not represented by securities ......................................................... 416,539 326,157 90,382 - 7.2. Non-derecognised securitised loans .......................................................... 411,902 525,147 (113,245) - 7.3. Other loans and amounts receivable (secured) ......................................... - - - - 7.4. Overdue loans and interest ....................................................................... 53,489 49,573 3,916 - 7.5. Provisions and impairments ...................................................................... (61,106) (47,117) (13,989) -

8. Held-to-maturity investments..................................................................... 473,799 620,617 (146,818) -23.7% 8.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 8.2. Bonds and other fixed income securities issued by other bodies .............. 473,799 620,617 (146,818) - 8.3. Provisions and impairments ...................................................................... - - - -



11. Non-current assets held for sale ................................................................. 479 548 (69) -12.6% 11.1. Gross amount .......................................................................................... 717 548 169 - 11.2. Provisions and impairments .................................................................... (238) - (238) -





16. Current income tax assets........................................................................... 4 1,816 (1,812) -99.8%


18. Other assets ............................................................................................... 32,855 49,513 (16,658) -33.6% 18.1. Gross amount .......................................................................................... 38,769 55,427 (16,658) - 18.2. Provisions and impairments .................................................................... (5,914) (5,914) - - Total Assets 1,347,517 1,561,110 (213,593) -13.7%








4. Deposits from other credit institutions .......................................................... 648,443 732,929 (84,486) -11.5% 4.1. Deposits ........................................................................................................ - - - - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ 648,443 720,314 (71,871) - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. - 12,615 (12,615) -

5. Deposits from customers ............................................................................... 1,500 2,737 (1,237) -45.2%

5.1. Demand deposits.......................................................................................... 1,500 2,737 (1,237) -

5.2. Term deposits ............................................................................................... - - - -


5.4. Other funds .................................................................................................. - - - -



6.2. Bonds ........................................................................................................... - - - -



8. Hedging derivatives ....................................................................................... 633 1,179 (546) -46.3%


10. Provisions...................................................................................................... 12,692 12,746 (54) -0.4%


12. Deferred income tax liabilities ....................................................................... (1) 1 (2) -200.0%


14. Other subordinated liabilities ........................................................................ 15,056 15,062 (6) 0.0%



Equity

16. Share capital ................................................................................................. 66,593 66,593 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... - - - -


22. Net income for the year ................................................................................. 4,188 (982) 5,170 526.5%


Total Equity 123,770 125,217 (1,447) -1.2%







3. Net interest income ...................................................................... 20,962 15,599 5,363 34.4% 4. Income from equity instruments ......................................................................... - - - - 5. Fee and commission income ............................................................................... 19,217 18,992 225 - 6. Fee and commission expenses ............................................................................ (5,027) (4,548) (479) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 5,255 5,914 (659) - 8. Net gains from available-for-sale financial assets ............................................... - - - - 9. Net gains from foreign exchange differences ...................................................... - - - -

10. Net gains from sale of other assets ..................................................................... - - - - 11. Other operating income and expense ................................................................. 5,037 5,992 (955) -

12. Operating income ......................................................................... 45,444 41,949 3,495 8.3% 13. Personnel costs ................................................................................................... 7,890 7,903 (13) - 14. General administrative expenses ........................................................................ 11,985 12,554 (569) - 15. Depreciation and amortization ........................................................................... 2,543 1,654 889 - 16. Provisions net of reversals .................................................................................. 533 382 151 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... - - - -

18. Impairment on other financial assets net of reversals ........................................ 14,166 18,713 (4,547) - 19. Impairment on other assets net of reversals ....................................................... 39 117 (78) -

20. Net income before tax ...................................................................... 8,288 626 7,662 1,224.0% 21. Current tax .......................................................................................................... 5,620 2,172 3,448 - 22. Deferred tax ........................................................................................................ (1,520) (564) (956) - 23. Net income for the year 4,188 (982) 5,170 526.5%



Net income for the year ............................................................................................ 4,188 (982) 5,170 526.5% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ - - - - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ - - - - Pensions .......................................................................................................................... - - - - Other movements ........................................................................................................... - - - - Other comprehensive income for the year ..................................................................... - - - - Total comprehensive income for the year 4,188 (982) 5,170 526.5%




Share Capital

Share premiums


Treasury stock

Fair value reserve


earnings



equity

Balances as at December 31st 2013 66,593 - - - - 59,606 (982) 125,217




Other movements ............................................ - - - - - - - -




Transfer to reserves ............................................... - - - - - (982) 982 -





Other movements .................................................. - - - - - (5,635) - (5,635)






Cash flows from operating activities ........................................................... Interest and commissions received ........................................................... 56,047 111,465 (55,418) -

Interest and commissions paid .................................................................. (39,148) (65,885) 26,737 - Recovery of loans ...................................................................................... 5,707 9,634 (3,927) - Cash payments to employees and suppliers .............................................. (10,237) (22,588) 12,351 -

Sub-total .................................................................................................... 12,369 32,626 (20,257) -


Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. - - - - Deposits from credit institutions ............................................................... (153,349) (296,016) 142,667 - Loans and advances to customers ............................................................. 44,061 132,202 (88,141) - Deposits from customers .......................................................................... (654) (1,516) 862 - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ 2,378 429 1,949 -

Net cash from operating activities before income tax ................................. (95,195) (132,275) 37,080 28.0% Income tax paid ......................................................................................... (3,533) (6,013) 2,480 -

Net cash from operating activities .............................................................. (98,728) (138,288) 39,560 28.6%


Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... - - - - Acquisition of available-for-sale financial assets ....................................... - - - - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments ................................................................... 83,593 162,647 (79,054) - Acquisition of tangible and intangible assets ............................................ (644) (1,809) 1,165 - Sale of tangible and intangible assets ........................................................ - - - -



Issue of bonds and other debt securities ................................................... - - - - Reimbursement of bonds and other debt securities ................................. - - - - Issue / reimbursement of subordinated liabilities ..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - (8,275) 8,275 -

Net cash from financing activities ............................................................... - (8,275) 8,275 100.0%





I.22. Banco Santander Totta, S.A.

Banco Santander Totta, S.A.


General Information Head Office: Rua do Ouro, n.º 88; 1100-063 Lisboa. Phone number: 213 704 513 Fax: 213 705 929 Website:

www.santandertotta.pt

Corporate Boards Board of Directors Chairman: António Basagoiti Garcia-Tuñón; Vice-Chairman: António José Sacadura Vieira Monteiro; Executive Directors: João Baptista Leite, José Carlos Brito Sítima, José Manuel Alves Elias da Costa, José

Urgel Leite Maia, Luís Filipe Ferreira Bento dos Santos, Manuel António Amaral Franco Preto, Pedro Aires Coruche Castro e Almeida;

Non-executive Directors: Carlos Manuel Amaral de Pinho; Executive Committee Chairman: António José Sacadura Vieira Monteiro; Other Members: José Carlos Brito Sítima, João Baptista Leite, José Urgel Leite Maia, José Manuel

Alves Elias da Costa, Luís Filipe Ferreira Bento dos Santos, Manuel António Amaral Franco Preto, Pedro Aires Coruche Castro e Almeida;


Chairman: José Manuel Galvão Teles; Vice-Chairman: António Maria Pinto Leite; Secretary: Luís Manuel Baptista Figueiredo; Audit Board Chairman: Luís Manuel Moreira de Campos e Cunha; Members: Ricardo Manuel Duarte Vidal Castro, Pedro Alves Guerra, Mazares & Associados,

SROC, S.A. representado por Fernando Jorge Marques Vieira; ROC/ SROC (Statutory Auditor) ROC: Deloitte & Associados, SROC, S.A. representada por Eduardo Manuel Fonseca

Moura; Company Secretary: Luís Manuel Baptista Figueiredo; Remunerations Committee Chairman: António Basagoiti Garcia-Tuñón; Members: Luís Manuel Moreira de Campos e Cunha.


0.1%

99.9%

Private

Corporate





Heads of department 1,202 886 316 Specific 3,205 1,568 1,637 Administrative 851 415 436 Ancilliary 14 11 3

Total 5,272 2,880 2,392


Abroad 34 14 20 Total 5,306 2,894 2,412






31 December 2014

Balance Sheet

Total assets .............................................................................................................. 39,994,424 41,543,134 Loans and advances to customers ........................................................................... 25,624,330 25,524,020 Deposits from customers ........................................................................................ 21,597,821 20,345,997 Debt securities issued .............................................................................................. 1,971,007 2,892,831 Subordinated liabilities ............................................................................................ 933,651 - Loans and advances to / and deposits from credit institutions ............................... (2,582,941) (2,808,840) Equity ...................................................................................................................... 1,918,640 3,362,120 Share capital ............................................................................................................ 656,723 1,972,962



Cash Flow Statement Net cash from operating activities .......................................................................... 921,169 1,352,004

Net cash from investing activities ........................................................................... (1,093,525) (1,458,029) Net cash from financing activities ........................................................................... 373,310 286,956 Effect of exchange rate changes on cash and cash equivalents .............................. - - Net changes in cash and cash equivalents .............................................................. 200,954 180,931 Cash and cash equivalents at the beginning of the year ......................................... 858,674 890,762 Cash and cash equivalents at the end of the year ................................................... 1,059,628 1,071,693








1. Cash and deposits at central banks ............................................................. 830,474 337,841 492,633 145.8% 1.1. Cash ........................................................................................................... 208,014 221,706 (13,692) - 1.2. Deposits at central banks .......................................................................... 622,460 116,135 506,325 -


3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... 241,391 239,249 2,142 - 3.5. Derivatives ................................................................................................. 1,969,491 1,599,893 369,598 -


5. Available-for-sale financial assets ............................................................... 7,249,464 5,236,488 2,012,976 38.4% 5.1. Bonds and other fixed income securities issued by public bodies ............. 5,615,837 3,684,057 1,931,780 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 1,272,477 1,213,528 58,949 - 5.3. Shares ........................................................................................................ 453,972 417,816 36,156 - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... (92,822) (78,913) (13,909) -

6. Loans and advances to credit institutions ................................................... 1,836,610 3,893,566 (2,056,956) -52.8% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 1,020,979 1,269,559 (248,580) - 6.3. Loans ......................................................................................................... 22,212 36,522 (14,310) - 6.4. Other loans and advances ......................................................................... 793,419 2,587,485 (1,794,066) - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 25,624,330 26,216,988 (592,658) -2.3% 7.1. Loans not represented by securities ......................................................... 21,125,653 21,650,963 (525,310) - 7.2. Non-derecognised securitised loans .......................................................... 1,927,308 2,387,637 (460,329) - 7.3. Other loans and amounts receivable (secured) ......................................... 2,392,838 1,997,236 395,602 - 7.4. Overdue loans and interest ....................................................................... 1,161,558 1,069,604 91,954 - 7.5. Provisions and impairments ...................................................................... (983,027) (888,452) (94,575) -


9. Assets with repurchase agreements ............................................................ - - - - 10. Hedging derivatives .................................................................................... 194,644 199,427 (4,783) -2.4% 11. Non-current assets held for sale ................................................................. 206,767 205,865 902 0.4%


12. Investment properties ................................................................................ 19,000 18,191 809 4.4% 12.1. Gross amount .......................................................................................... 19,000 18,191 809 - 12.2. Provisions, impairments and depreciation .............................................. - - - -



15. Investments in subsidiaries, associates and joint ventures .......................... 580,691 606,538 (25,847) -4.3% 15.1. Gross amount .......................................................................................... 580,691 606,538 (25,847) - 15.2. Provisions and impairments .................................................................... - - - -

16. Current income tax assets........................................................................... 9,901 11,822 (1,921) -16.2% 17. Deferred income tax assets......................................................................... 448,911 555,175 (106,264) -19.1% 18. Other assets ............................................................................................... 255,476 277,205 (21,729) -7.8%

18.1. Gross amount .......................................................................................... 276,423 297,578 (21,155) - 18.2. Provisions and impairments .................................................................... (20,947) (20,373) (574) - Total Assets 39,994,424 40,260,304 (265,880) -0.7%






2. Financial liabilities held for trading ................................................................ 1,995,017 1,619,768 375,249 23.2%


4. Deposits from other credit institutions .......................................................... 4,419,551 4,447,413 (27,862) -0.6% 4.1. Deposits ........................................................................................................ 1,162,434 1,121,395 41,039 - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. 2,798,535 3,083,368 (284,833) - 4.5. Other funds .................................................................................................. 458,582 242,650 215,932 -


5.1. Demand deposits.......................................................................................... 5,570,671 4,642,923 927,748 -

5.2. Term deposits ............................................................................................... 12,805,348 12,991,727 (186,379) -


5.4. Other funds .................................................................................................. 3,194,092 3,019,718 174,374 -

6. Debt securities issued .................................................................................... 1,971,007 1,512,106 458,901 30.3%


6.2. Bonds ........................................................................................................... 1,918,587 1,385,564 533,023 -





10. Provisions...................................................................................................... 250,378 251,018 (640) -0.3%







Equity

16. Share capital ................................................................................................. 656,723 656,723 - 0.0%

17. Share premiums ............................................................................................ 193,390 193,390 - 0.0%


19. Treasury stock ............................................................................................... (1,561) (1,429) (132) -9.2%


21. Other reserves and retained earnings ............................................................ 1,088,420 1,098,207 (9,787) -0.9%

22. Net income for the year ................................................................................. 134,473 2,449 132,024 5,390.9%


Total Equity 1,918,640 1,471,116 447,524 30.4%






1. Interest and similar income ................................................................................. 1,174,437 1,254,782 (80,345) - 2. Interest and similar expense ............................................................................... 679,310 831,525 (152,215) -

3. Net interest income ...................................................................... 495,127 423,257 71,870 17.0% 4. Income from equity instruments ......................................................................... 41,609 58,302 (16,693) - 5. Fee and commission income ............................................................................... 336,398 364,917 (28,519) - 6. Fee and commission expenses ............................................................................ (61,375) (59,234) (2,141) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (242,948) 20,937 (263,885) - 8. Net gains from available-for-sale financial assets ............................................... 310,092 4,293 305,799 - 9. Net gains from foreign exchange differences ...................................................... 5,591 3,985 1,606 -

10. Net gains from sale of other assets ..................................................................... 6,147 (9,554) 15,701 - 11. Other operating income and expense ................................................................. (9,343) (16,355) 7,012 -

12. Operating income ......................................................................... 881,298 790,548 90,750 11.5% 13. Personnel costs ................................................................................................... 280,613 266,948 13,665 - 14. General administrative expenses ........................................................................ 141,636 134,661 6,975 - 15. Depreciation and amortization ........................................................................... 61,684 59,835 1,849 - 16. Provisions net of reversals .................................................................................. 35,827 17,185 18,642 -


18. Impairment on other financial assets net of reversals ........................................ 14,395 20,554 (6,159) - 19. Impairment on other assets net of reversals ....................................................... 32,881 35,703 (2,822) -

20. Net income before tax ...................................................................... 193,270 18,083 175,187 968.8% 21. Current tax .......................................................................................................... 32,570 29,216 3,354 - 22. Deferred tax ........................................................................................................ 26,227 (13,582) 39,809 - 23. Net income for the year 134,473 2,449 132,024 5.390.9% Statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013


Net income for the year ............................................................................................ 134,473 2,449 132,024 5,390.9% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 549,799 (37,786) 587,585 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ (161,095) 7,447 (168,542) - Pensões ........................................................................................................................... - - - - Other movements ........................................................................................................... (63,381) 297,928 (361,309) - Other comprehensive income for the year ..................................................................... 325,323 267,589 57,734 21.6% Total comprehensive income for the year 459,796 270,038 189,758 70.3%




Share Capital

Share premiums


Treasury stock

Fair value reserve

Other reserves



Total shareholder

s’ equity

Balances as at December 31st 2013 656,723 193,390 135,000 (1,429) (613,224) 1,098,207 2,449 1,471,116


Changes in fair value, net of taxes.................... - - - - 372,953 - - 372,953


Other movements ............................................ - - - - (47,630) - - (47,630)

Net income for the year ......................................... - - - - - - - -

Total gains and losses recognised in the year - - - - 325,323 - - 325,323

Capital increase ..................................................... - - - - - - - - Issue / reimbursement of other capital instruments ........................................................... - - - - - - - -

Transfer to reserves ............................................... - - - - - - - -

Dividends on ordinary shares ................................. - - - - - - (1,202) (1,202)


Changes in treasury stock ...................................... - - - (132) - - - (132)

Share based payment scheme ............................... - - - - - (221) - (221)

Other movements .................................................. - - - - 96 (9,566) 133,226 123,756

Balances as at December 31st 2014 656,723 193,390 135,000 (1,561) (287,805) 1,088,420 134,473 1,918,640



Separate cash flow statement44 31-Dec-14 31-Dec-13 Variação 2014- 2013


Cash flows from operating activities Interest and commissions received ........................................................... 1,296,719 1,435,473 (138,754) -

Interest and commissions paid .................................................................. (712,219) (811,993) 99,774 - Recovery of loans ...................................................................................... 5,403 7,457 (2,054) - Contributions to pension fund .................................................................. (79,206) (56,000) (23,206) - Cash payments to employees and suppliers .............................................. (425,228) (403,151) (22,077) -

Sub-total .................................................................................................... 85,469 171,786 (86,317) -


Financial assets and liabilities at fair value through profit or loss ............. (271,852) 108,983 (380,835) - Loans and advances to credit institutions ................................................. 2,059,395 132,503 1,926,892 - Deposits from credit institutions ............................................................... (1,821,678) 2,635,558 (4,457,236) - Loans and advances to customers ............................................................. 476,133 (960,040) 1,436,173 - Deposits from customers .......................................................................... 920,563 (642,195) 1,562,758 - Hedging derivatives ................................................................................... - - - - Other operating assets and liabilities ........................................................ (507,350) (158,021) (349,329) -

Net cash from operating activities before income tax ................................. 940,680 1,288,574 (347,894) -27.0% Income tax paid ......................................................................................... (19,511) (27,854) 8,343 -

Net cash from operating activities .............................................................. 921,169 1,260,720 (339,551) -26.9%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................. 25,846 - 25,846 -

Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 41,609 47,219 (5,610) - Acquisition of available-for-sale financial assets ....................................... (4,834,014) (1,598,959) (3,235,055) - Sale of available-for-sale financial assets .................................................. 3,691,188 2,001,047 1,690,141 - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (29,459) (36,771) 7,312 - Sale of tangible and intangible assets ........................................................ 11,305 7,814 3,491 - Merger effect ............................................................................................ - - - -

Net cash from investing activities ............................................................... (1,093,525) 420,350 (1,513,875) -360.1%


Issue of bonds and other debt securities ................................................... 456,168 (1,401,380) 1,857,548 - Reimbursement of bonds and other debt securities ................................. (81,656) (107,011) 25,355 - Issue / reimbursement of subordinated liabilities ..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... (1,202) - (1,202) -

Net cash from financing activities ............................................................... 373,310 (1,508,391) 1,881,701 124.7%

Net changes in cash and cash equivalents ................................................... 200,954 172,679 28,275 16.4% Cash and cash equivalents at the beginning of the year............................ 858,674 685,995 172,679 - Effect of exchange rate changes on cash and cash equivalents................. - - - -

Net changes in cash and cash equivalents ................................................... 200,954 172,679 28,275 16.4% Cash and cash equivalents at the end of the year 1,059,628 858,674 200,954 23.4%



I.23. Banco do Brasil, AG – Sucursal em Portugal



General Information Head Office: Avenida da República, n.º 35, 7º piso; 1050-186 Lisboa. Phone number: 213 585 000 Fax: 213 585 088 Website:

www.bb.com.br/portugal

Other information Total Men Women 31 December 2014

Employees - (domestic activity) by position Heads of department 24 12 12 Specific 12 8 4 Administrative 59 23 36 Ancilliary - - -

Total 95 43 52




Abroad45 - Total 5


Active bank accounts 13,616 Active credit and debit cards 10,811 POSs 8

Financial Statements (thousands €) Separate Consolidated

31 December 2014

Balance Sheet

Total assets ........................................................................................................... 542,472 - Loans and advances to customers ........................................................................ 364,697 - Deposits from customers ..................................................................................... 125,460 - Debt securities issued ........................................................................................... - - Subordinated liabilities ......................................................................................... - - Loans and advances to / and deposits from credit institutions ............................ (264,302) - Equity.................................................................................................................... 57,616 - Share capital ......................................................................................................... 46,191 -

Income Statement Net interest income .............................................................................................. 6,581 -

Operating income ................................................................................................. 15,002 - Net income before tax .......................................................................................... 3,867 -

Equity Total equity as at 31 December 2013 ................................................................... 31,895 -

Total equity as at 31 December 2014 ................................................................... 57,616 -






1. Cash and deposits at central banks ............................................................. 27,972 2,679 25,293 944.1% 1.1. Cash ........................................................................................................... 1,953 1,098 855 - 1.2. Deposits at central banks .......................................................................... 26,019 1,581 24,438 -




5. Available-for-sale financial assets ............................................................... 37,385 64,109 (26,724) -41.7% 5.1. Bonds and other fixed income securities issued by public bodies ............. 476 365 111 - 5.2. Bonds and other fixed income securities issued by other bodies .............. 35,482 62,317 (26,835) - 5.3. Shares ........................................................................................................ 1,427 1,427 - - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... - - - -

6. Loans and advances to credit institutions ................................................... 86,884 82,716 4,168 5.0% 6.1. Interbank money market ........................................................................... 30,591 22,571 8,020 - 6.2. Deposits ..................................................................................................... 9,573 23,695 (14,122) - 6.3. Loans ......................................................................................................... - - - - 6.4. Other loans and advances ......................................................................... 46,720 36,450 10,270 - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 364,697 619,615 (254,918) -41.1% 7.1. Loans not represented by securities ......................................................... 364,697 619,617 (254,920) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... - - - - 7.4. Overdue loans and interest ....................................................................... - - - - 7.5. Provisions and impairments ...................................................................... - (2) 2 -






13. Other tangible assets .................................................................................. 798 964 (166) -17.2% 13.1. Gross amount .......................................................................................... 3,846 3,509 337 - 13.2. Provisions, impairments and depreciation .............................................. (3,048) (2,545) (503) -

14. Intangible assets......................................................................................... 123 161 (38) -23.6% 14.1. Gross amount .......................................................................................... 587 473 114 - 14.2. Provisions, impairments and depreciation .............................................. (464) (312) (152) -




18. Other assets ............................................................................................... 3,003 6,919 (3,916) -56.6% 18.1. Gross amount .......................................................................................... 3,003 6,919 (3,916) - 18.2. Provisions and impairments .................................................................... - - - - Total Assets 542,472 783,880 (241,408) -30.8%








4. Deposits from other credit institutions .......................................................... 351,186 671,704 (320,518) -47.7% 4.1. Deposits ........................................................................................................ 32,120 - 32,120 - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. 319,066 671,704 (352,638) -


5.1. Demand deposits.......................................................................................... 22,675 23,160 (485) -

5.2. Term deposits ............................................................................................... 102,700 50,413 52,287 -


5.4. Other funds .................................................................................................. 85 28 57 -



6.2. Bonds ........................................................................................................... - - - -





10. Provisions...................................................................................................... 4,826 2,908 1,918 66.0%

11. Current income tax liabilities ......................................................................... 1,669 2,200 (531) -24.1%

12. Deferred income tax liabilities ....................................................................... 58 597 (539) -90.3%



15. Other liabilities .............................................................................................. 1,657 975 682 69.9%


Equity

16. Share capital ................................................................................................. 46,191 14,355 31,836 221.8%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... (3,110) (936) (2,174) -232.3%


22. Net income for the year ................................................................................. 2,894 5,508 (2,614) -47.5%


Total Equity 57,616 31,895 25,721 80.6%







3. Net interest income ...................................................................... 6,581 6,446 135 2.1% 4. Income from equity instruments ......................................................................... 65 49 16 - 5. Fee and commission income ............................................................................... 3,539 5,187 (1,648) - 6. Fee and commission expenses ............................................................................ (224) (240) 16 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. - (116) 116 - 8. Net gains from available-for-sale financial assets ............................................... 76 - 76 - 9. Net gains from foreign exchange differences ...................................................... 3,540 2,826 714 -

10. Net gains from sale of other assets ..................................................................... - - - - 11. Other operating income and expense ................................................................. 1,425 1,112 313 -

12. Operating income ......................................................................... 15,002 15,264 (262) -1.7% 13. Personnel costs ................................................................................................... 4,590 4,328 262 - 14. General administrative expenses ........................................................................ 3,685 2,991 694 - 15. Depreciation and amortization ........................................................................... 740 644 96 - 16. Provisions net of reversals .................................................................................. 2,069 (800) 2,869 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 51 (4) 55 -


20. Net income before tax ...................................................................... 3,867 8,105 (4,238) -52.3% 21. Current tax .......................................................................................................... 1,669 2,200 (531) - 22. Deferred tax ........................................................................................................ (696) 397 (1,093) - 23. Net income for the year 2,894 5,508 (2,614) -47.5%


I.24. Barclays Bank PLC – Sucursal em Portugal

Barclays Bank PLC – Sucursal em Portugal


General Information Head Office: Avenida do Colégio Militar, n.º 37 F, 13º, Torre Oriente, 1500-180 Lisboa. Phone number: 211 158 000 Website:

www.barclays.pt

Corporate Boards Gerência Gerentes: Carlos Jorge Ferreira Brandão, António Luís Rodrigues Seixas.




Total 1,445 696 749


Abroad - - - Total 1,445 696 749


Abroad46 - Total 147




31 December 2014

Balance Sheet

Total assets ........................................................................................................... 14,520,758 14,519,059 Loans and advances to customers ........................................................................ 6,182,098 6,182,098 Deposits from customers ..................................................................................... 3,109,993 3,107,076 Debt securities issued ........................................................................................... - - Subordinated liabilities ......................................................................................... - - Loans and advances to / and deposits from credit institutions ............................ (754,873) (754,873) Equity.................................................................................................................... 397,263 397,798 Share capital ......................................................................................................... 539,904 539,904

Income Statement Net interest income .............................................................................................. 261,048 261,058

Operating income ................................................................................................. 324,501 324,704 Net income before tax .......................................................................................... (105,064) (104,927)

Equity Total equity as at 31 December 2013 ................................................................... 214,004 214,430

Total equity as at 31 December 2014 ................................................................... 397,263 397,798






1. Cash and deposits at central banks ............................................................. 70,049 19,875 50,174 252.4% 1.1. Cash ........................................................................................................... n.a. n.a. - - 1.2. Deposits at central banks .......................................................................... n.a. n.a. - -

2. Deposits at other credit institutions ............................................................ 135,633 208,652 (73,019) -35.0%

3. Financial assets held for trading .................................................................. 1,451 2,505 (1,054) -42.1% 3.1. Bonds and other fixed income securities issued by public bodies ............. n.a. n.a. - - 3.2. Bonds and other fixed income securities issued by other bodies .............. n.a. n.a. - - 3.3. Shares ........................................................................................................ n.a. n.a. - - 3.4. Other securities ......................................................................................... n.a. n.a. - - 3.5. Derivatives ................................................................................................. n.a. n.a. - -


5. Available-for-sale financial assets ............................................................... 86,977 328,559 (241,582) -73.5% 5.1. Bonds and other fixed income securities issued by public bodies ............. n.a. n.a. - - 5.2. Bonds and other fixed income securities issued by other bodies .............. n.a. n.a. - - 5.3. Shares ........................................................................................................ n.a. n.a. - - 5.4. Other securities ......................................................................................... n.a. n.a. - - 5.5. Provisions and impairments ...................................................................... n.a. n.a. - -

6. Loans and advances to credit institutions ................................................... 7,742,439 7,314,997 427,442 5.8% 6.1. Interbank money market ........................................................................... n.a. n.a. - - 6.2. Deposits ..................................................................................................... n.a. n.a. - - 6.3. Loans ......................................................................................................... n.a. n.a. - - 6.4. Other loans and advances ......................................................................... n.a. n.a. - - 6.5. Purchase operations with resale agreements ........................................... n.a. n.a. - - 6.6. Provisions and impairments ...................................................................... n.a. n.a. - -

7. Loans and advances to customers ............................................................... 6,182,098 7,156,446 (974,348) -13.6% 7.1. Loans not represented by securities ......................................................... n.a. n.a. - - 7.2. Non-derecognised securitised loans .......................................................... n.a. n.a. - - 7.3. Other loans and amounts receivable (secured) ......................................... n.a. n.a. - - 7.4. Overdue loans and interest ....................................................................... n.a. n.a. - - 7.5. Provisions and impairments ...................................................................... (664,895) (736,604) 71,709 -



10. Hedging derivatives .................................................................................... 49,636 34,475 15,161 44.0%

11. Non-current assets held for sale ................................................................. 51,334 49,912 1,422 2.8% 11.1. Gross amount .......................................................................................... n.a. n.a. - - 11.2. Provisions and impairments .................................................................... n.a. n.a. - -


13. Other tangible assets .................................................................................. 7,582 38,084 (30,502) -80.1% 13.1. Gross amount .......................................................................................... 110,357 110,890 (533) - 13.2. Provisions, impairments and depreciation .............................................. (102,775) (72,806) (29,969) -

14. Intangible assets......................................................................................... 53,416 82,760 (29,344) -35.5% 14.1. Gross amount .......................................................................................... 149,755 150,454 (699) - 14.2. Provisions, impairments and depreciation .............................................. (96,339) (67,694) (28,645) -

15. Investments in subsidiaries, associates and joint ventures .......................... 7,013 5,666 1,347 23.8% 15.1. Gross amount .......................................................................................... n.a. n.a. - - 15.2. Provisions and impairments .................................................................... n.a. n.a. - -

16. Current income tax assets........................................................................... 1,002 1,001 1 0.1%

17. Deferred income tax assets......................................................................... 21,242 23,031 (1,789) -7.8%

18. Other assets ............................................................................................... 110,886 24,816 86,070 346.8% 18.1. Gross amount .......................................................................................... n.a. n.a. - - 18.2. Provisions and impairments .................................................................... n.a. n.a. - - Total Assets 14,520,758 15,290,779 (770,021) -5.0%





1. Deposits from central banks .......................................................................... 1,521,816 1,519,354 2,462 0.2%

2. Financial liabilities held for trading ................................................................ 2,792 4,459 (1,667) -37.4%


4. Deposits from other credit institutions .......................................................... 8,497,312 9,704,935 (1,207,623) -12.4% 4.1. Deposits ........................................................................................................ n.a. n.a. - - 4.2. Interbank money market .............................................................................. n.a. n.a. - - 4.3. Loans ............................................................................................................ n.a. n.a. - - 4.4. Sale operations with repurchase agreements .............................................. n.a. n.a. - - 4.5. Other funds .................................................................................................. n.a. n.a. - -


5.1. Demand deposits.......................................................................................... n.a. n.a. - -

5.2. Term deposits ............................................................................................... n.a. n.a. - -

5.3. Savings accounts .......................................................................................... n.a. n.a. - -

5.4. Other funds .................................................................................................. n.a. n.a. - -

6. Debt securities issued .................................................................................... - 9,736 (9,736) -100.0%

6.1. Certificates of deposit .................................................................................. - n.a. - -

6.2. Bonds ........................................................................................................... - n.a. - -

6.3. Other liabilities ............................................................................................. - n.a. - -




10. Provisions...................................................................................................... 84,311 44,419 39,892 89.8%

11. Current income tax liabilities ......................................................................... 34,099 2,375 31,724 1.335.7%






Equity

16. Share capital ................................................................................................. 539,904 539,904 - 0.0%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... (49,636) (31,124) (18,512) -59.5%

21. Other reserves and retained earnings ............................................................ 26,071 26,071 - 0.0%



Total Equity 397,263 214,004 183,259 85.6%







3. Net interest income ...................................................................... 261,048 269,352 (8,304) -3.1% 4. Income from equity instruments ......................................................................... 81 54 27 - 5. Fee and commission income ............................................................................... 86,007 111,125 (25,118) - 6. Fee and commission expenses ............................................................................ (9,897) (9,325) (572) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (24,316) (17,246) (7,070) - 8. Net gains from available-for-sale financial assets ............................................... (1,310) (1,757) 447 - 9. Net gains from foreign exchange differences ...................................................... 1,585 3,826 (2,241) -

10. Net gains from sale of other assets ..................................................................... (4,699) (20,072) 15,373 - 11. Other operating income and expense ................................................................. 16,002 (81,629) 97,631 -

12. Operating income ......................................................................... 324,501 254,328 70,173 27.6% 13. Personnel costs ................................................................................................... 61,952 78,763 (16,811) - 14. General administrative expenses ........................................................................ 131,775 131,922 (147) - 15. Depreciation and amortization ........................................................................... 56,032 27,411 28,621 - 16. Provisions net of reversals .................................................................................. 34,850 43,574 (8,724) -


18. Impairment on other financial assets net of reversals ........................................ (4,756) (2,979) (1,777) - 19. Impairment on other assets net of reversals ....................................................... 3,358 1,389 1,969 -

20. Net income before tax ...................................................................... (105,064) (309,519) 204,455 66.1% 21. Current tax .......................................................................................................... 19,231 14,743 4,488 - 22. Deferred tax ........................................................................................................ (5,219) (3,415) (1,804) - 23. Net income for the year (119,076) (320,847) 201,771 62.9%


I.25. BNP Paribas – Sucursal em Portugal



General Information Head Office: Torre Ocidente – Rua Galileu Galilei, 2, 13º; 1500-392 Lisboa. Phone number: 217 910 200 Fax: 217 955 616 Website:

www.bnpparibas.pt

Corporate Boards Management Managers: Jean-Marc Georges Louis Pasquet, Yannick Daniel Leonard Duval.


100.0%

Institutional






Total 84 44 40




Abroad47 - Total 2


Active bank accounts 997 Active credit and debit cards 51 POSs -


31 December 2014

Balance Sheet

Total assets ........................................................................................................... 859,457 - Loans and advances to customers ........................................................................ 336,479 - Deposits from customers ..................................................................................... 366,375 - Debt securities issued ........................................................................................... - - Subordinated liabilities ......................................................................................... - - Loans and advances to / and deposits from credit institutions ............................ (140,808) - Equity.................................................................................................................... 60,358 - Share capital ......................................................................................................... 46,648 -

Income Statement Net interest income .............................................................................................. 14,218 -









1. Cash and deposits at central banks ............................................................. 4,121 2,672 1,449 54.2% 1.1. Cash ........................................................................................................... 1 1 - - 1.2. Deposits at central banks .......................................................................... 4,120 2,671 1,449 -


3. Financial assets held for trading .................................................................. 6,563 - 6,563 - 3.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 3.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 3.3. Shares ........................................................................................................ - - - - 3.4. Other securities ......................................................................................... - - - - 3.5. Derivatives ................................................................................................. 6,563 - 6,563 -


5. Available-for-sale financial assets ............................................................... 194,242 334,478 (140,236) -41.9% 5.1. Bonds and other fixed income securities issued by public bodies ............. 7,274 7,700 (426) - 5.2. Bonds and other fixed income securities issued by other bodies .............. 186,968 327,991 (141,023) - 5.3. Shares ........................................................................................................ - - - - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... - (1,213) 1,213 -

6. Loans and advances to credit institutions ................................................... 253,119 144,054 109,065 75.7% 6.1. Interbank money market ........................................................................... - - - - 6.2. Deposits ..................................................................................................... 110,000 - 110,000 - 6.3. Loans ......................................................................................................... 141,192 135,896 5,296 - 6.4. Other loans and advances ......................................................................... 1,927 8,158 (6,231) - 6.5. Purchase operations with resale agreements ........................................... - - - - 6.6. Provisions and impairments ...................................................................... - - - -

7. Loans and advances to customers ............................................................... 336,479 361,390 (24,911) -6.9% 7.1. Loans not represented by securities ......................................................... 327,503 344,677 (17,174) - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... - 1,264 (1,264) - 7.4. Overdue loans and interest ....................................................................... 32,277 48,822 (16,545) - 7.5. Provisions and impairments ...................................................................... (23,301) (33,373) 10,072 -




11. Non-current assets held for sale ................................................................. 2,305 1,978 327 16.5% 11.1. Gross amount .......................................................................................... 6,192 5,767 425 - 11.2. Provisions and impairments .................................................................... (3,887) (3,789) (98) -


13. Other tangible assets .................................................................................. 3,374 2,828 546 19.3% 13.1. Gross amount .......................................................................................... 6,832 6,347 485 - 13.2. Provisions, impairments and depreciation .............................................. (3,458) (3,519) 61 -

14. Intangible assets......................................................................................... - - - - 14.1. Gross amount .......................................................................................... 1,050 1,050 - - 14.2. Provisions, impairments and depreciation .............................................. (1,050) (1,050) - -

15. Investments in subsidiaries, associates and joint ventures .......................... 5,768 5,768 - 0.0% 15.1. Gross amount .......................................................................................... 5,768 5,768 - - 15.2. Provisions and impairments .................................................................... - - - -

16. Current income tax assets........................................................................... 2,255 26 2,229 8.573.1%


18. Other assets ............................................................................................... 6,739 364,096 (357,357) -98.1% 18.1. Gross amount .......................................................................................... 6,739 364,096 (357,357) - 18.2. Provisions and impairments .................................................................... - - - - Total Assets 859,457 1,298,497 (439,040) -33.8%






2. Financial liabilities held for trading ................................................................ 6,575 - 6,575 -


4. Deposits from other credit institutions .......................................................... 393,927 612,736 (218,809) -35.7% 4.1. Deposits ........................................................................................................ 393,904 552,619 (158,715) - 4.2. Interbank money market .............................................................................. - 60,000 (60,000) - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. 23 117 (94) -


5.1. Demand deposits.......................................................................................... 174,491 161,634 12,857 -

5.2. Term deposits ............................................................................................... 191,850 59,764 132,086 -


5.4. Other funds .................................................................................................. 34 193 (159) -



6.2. Bonds ........................................................................................................... - - - -





10. Provisions...................................................................................................... 10,435 12,586 (2,151) -17.1%

11. Current income tax liabilities ......................................................................... - - - -





Total Liabilities 799,099 1,222,865 (423,766) -34.7%

Equity

16. Share capital ................................................................................................. 46,648 58,606 (11,958) -20.4%

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -


21. Other reserves and retained earnings ............................................................ 9,396 9,148 248 2.7%

22. Net income for the year ................................................................................. 9,625 15,189 (5,564) -36.6%


Total Equity 60,358 75,632 (15,274) -20.2%

Total Liabilities + Equity 859,457 1,298,497 (439,040) -33.8%






3. Net interest income ...................................................................... 14,218 13,772 446 3.2% 4. Income from equity instruments ......................................................................... 1,997 7,187 (5,190) - 5. Fee and commission income ............................................................................... 7,875 8,177 (302) - 6. Fee and commission expenses ............................................................................ (3,131) (3,815) 684 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. - - - - 8. Net gains from available-for-sale financial assets ............................................... - - - - 9. Net gains from foreign exchange differences ...................................................... (4) (39) 35 -

10. Net gains from sale of other assets ..................................................................... - - - - 11. Other operating income and expense ................................................................. 9,669 7,087 2,582 -

12. Operating income ......................................................................... 30,624 32,369 (1,745) -5.4% 13. Personnel costs ................................................................................................... 5,507 5,983 (476) - 14. General administrative expenses ........................................................................ 14,023 8,698 5,325 - 15. Depreciation and amortization ........................................................................... 359 252 107 - 16. Provisions net of reversals .................................................................................. (2,750) (7,178) 4,428 -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... 579 4,184 (3,605) -

18. Impairment on other financial assets net of reversals ........................................ - - - - 19. Impairment on other assets net of reversals ....................................................... 102 - 102 -

20. Net income before tax ...................................................................... 12,804 20,430 (7,626) -37.3% 21. Current tax .......................................................................................................... 2,166 6,106 (3,940) - 22. Deferred tax ........................................................................................................ 1,013 (865) 1,878 - 23. Net income for the year 9,625 15,189 (5,564) -36.6%


I.26. BNP Paribas Securities Services, S.A. – Sucursal em Portugal



General Information Head Office: Avenida D. João II, Lote 1.18.01 – Bloco B, 9º piso; 1998-028 Lisboa. Phone number: 210 442 000 Fax: 218 969 159 Website:

www.securities.bnpparibas.com

Corporate Boards Management Managers: Alexandre Canadas, Ana Sofia Rangel, Armando Freitas, Fabrice Segui.


100.0%

Institutional






Total 867 382 485


Abroad - - - Total 867 382 485


Abroad48 - Total -




31 December 2014

Balance Sheet

Total assets ........................................................................................................... 14,713 - Loans and advances to customers ........................................................................ - - Deposits from customers ..................................................................................... - - Debt securities issued ........................................................................................... - - Subordinated liabilities ......................................................................................... - - Loans and advances to / and deposits from credit institutions ............................ (6,842) - Equity.................................................................................................................... 1,562 - Share capital ......................................................................................................... - -

Income Statement Net interest income .............................................................................................. (11) -









1. Cash and deposits at central banks ............................................................. - 1,738 (1,738) -100.0% 1.1. Cash ........................................................................................................... - - - - 1.2. Deposits at central banks .......................................................................... - 1,738 (1,738) -

2. Deposits at other credit institutions ............................................................ 416 - 416 -



5. Available-for-sale financial assets ............................................................... - - - - 5.1. Bonds and other fixed income securities issued by public bodies ............. - - - - 5.2. Bonds and other fixed income securities issued by other bodies .............. - - - - 5.3. Shares ........................................................................................................ - - - - 5.4. Other securities ......................................................................................... - - - - 5.5. Provisions and impairments ...................................................................... - - - -


7. Loans and advances to customers ............................................................... - - - - 7.1. Loans not represented by securities ......................................................... - - - - 7.2. Non-derecognised securitised loans .......................................................... - - - - 7.3. Other loans and amounts receivable (secured) ......................................... - - - - 7.4. Overdue loans and interest ....................................................................... - - - - 7.5. Provisions and impairments ...................................................................... - - - -






13. Other tangible assets .................................................................................. 5,840 6,688 (848) -12.7% 13.1. Gross amount .......................................................................................... 11,063 10,749 314 - 13.2. Provisions, impairments and depreciation .............................................. (5,223) (4,061) (1,162) -

14. Intangible assets......................................................................................... 105 177 (72) -40.7% 14.1. Gross amount .......................................................................................... 975 914 61 - 14.2. Provisions, impairments and depreciation .............................................. (870) (737) (133) -



17. Deferred income tax assets......................................................................... 264 249 15 6.0%

18. Other assets ............................................................................................... 8,088 4,382 3,706 84.6% 18.1. Gross amount .......................................................................................... 8,088 4,382 3,706 - 18.2. Provisions and impairments .................................................................... - - - - Total Assets 14,713 13,234 1,479 11.2%








4. Deposits from other credit institutions .......................................................... 6,842 6,834 8 0.1% 4.1. Deposits ........................................................................................................ - 6,834 (6,834) - 4.2. Interbank money market .............................................................................. - - - - 4.3. Loans ............................................................................................................ - - - - 4.4. Sale operations with repurchase agreements .............................................. - - - - 4.5. Other funds .................................................................................................. 6,842 - 6,842 -

5. Deposits from customers ............................................................................... - - - -

5.1. Demand deposits.......................................................................................... - - - -

5.2. Term deposits ............................................................................................... - - - -


5.4. Other funds .................................................................................................. - - - -



6.2. Bonds ........................................................................................................... - - - -





10. Provisions...................................................................................................... - - - -

11. Current income tax liabilities ......................................................................... - - - -






Equity

16. Share capital ................................................................................................. - - - -

17. Share premiums ............................................................................................ - - - -


19. Treasury stock ............................................................................................... - - - -

20. Revaluation reserves ..................................................................................... - - - -

21. Other reserves and retained earnings ............................................................ - - - -

22. Net income for the year ................................................................................. 1,562 1,166 396 34.0%


Total Equity 1,562 1,166 396 34.0%






1. Interest and similar income ................................................................................. - - - - 2. Interest and similar expense ............................................................................... 11 9 2 -

3. Net interest income ...................................................................... (11) (9) (2) -22.2% 4. Income from equity instruments ......................................................................... - - - - 5. Fee and commission income ............................................................................... - - - - 6. Fee and commission expenses ............................................................................ (5) (4) (1) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. - - - - 8. Net gains from available-for-sale financial assets ............................................... - - - - 9. Net gains from foreign exchange differences ...................................................... - - - -

10. Net gains from sale of other assets ..................................................................... (1) - (1) - 11. Other operating income and expense ................................................................. 34,438 28,734 5,704 -

12. Operating income ......................................................................... 34,421 28,721 5,700 19.8% 13. Personnel costs ................................................................................................... 23,835 19,148 4,687 - 14. General administrative expenses ........................................................................ 7,634 6,903 731 - 15. Depreciation and amortization ........................................................................... 1,312 1,296 16 - 16. Provisions net of reversals .................................................................................. - - - -

17. Value adjustments relating to loans and advances to customers and receivables from other debtors (net of reversals) ............................................... - - - -


20. Net income before tax ...................................................................... 1,640 1,374 266 19.4% 21. Current tax .......................................................................................................... 93 225 (132) - 22. Deferred tax ........................................................................................................ (15) (17) 2 - 23. Net income for the year 1,562 1,166 396 34.0%


II. Consolidated Financial Statements Per Group


II.1. BPI Group

BPI Group


Consolidation PerimeterNational

Banco BPI, S.A. Banco Comercial e de Investimentos, S.A.R.L. MozambiqueBanco BPI Cayman, Ltd. Banco de Fomento Angola, S.A. Angola

Banco Português de Investimento, S.A.BPI Private Equity - Sociedade de Capital de Risco, S.A.Inter-Risco – Sociedade de Capital de Risco, S.A.

BPI Gestão de Activos – Sociedade Gestora de Fundos de Investimento Mobiliário, S.A.BPI – Global Investment Fund Management Company, S.A.BPI (Suisse), S.A. BPI Alternative Fund: Iberian Equities Long/Short Fund (Lux)BPI Obrigações Mundiais - Fundo de Investimento Aberto de ObrigaçõesBPI Strategies, LtdImofomento - Fundo de Investimento Imobiliário Aberto

BPI Madeira, SGPS, Unipessoal, S.A.

BPI Vida e Pensões - Companhia de Seguros, S.A.Cosec – Companhia de Seguros de Crédito, S.A.Companhia de Seguros Allianz Portugal, S.A.

BPI Locação de Equipamentos, Lda.

BPI Capital Finance Ltd. BPI Capital Africa (Proprietary) Limited South AfricaBPI, Inc. BPI Moçambique, Sociedade de Investimento, S.A. MozambiqueUnicre - Instituição Financeira de Crédito, S.A.

INSURANCE AND HEALTHCARE

OTHER FINANCIAL ENTITIES

OTHER INVESTMENTS

International

BANKING

INVESTMENT BANKING AND VENTURE CAPITAL

ASSET MANAGEMENT

HOLDING COMPANIES

BPI Group


BPI G

roup

Bank

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Bank

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BPI Group


Consolidated balance sheet 31-Dec-14 31-Dec-13 Change 2014 – 2013


1. Cash and deposits at central banks ............................................................. 1,894,203 1,372,211 521,992 38.0%

2. Deposits at other credit institutions ........................................................... 380,475 466,859 (86,384) -18.5%

3. Financial assets held for trading ................................................................. 899,426 593,183 306,243 51.6%

4. Other financial assets at fair value through profit or loss ............................ 2,118,307 702,597 1,415,710 201.5%

5. Available-for-sale financial assets ............................................................... 7,525,778 9,694,229 (2,168,451) -22.4% 5.1. Gross amount ............................................................................................ 7,637,902 9,780,900 (2,142,998) - 5.2. Impairments .............................................................................................. (112,124) (86,671) (25,453) -

6. Loans and advances to credit institutions ................................................... 2,588,817 1,886,070 702,747 37.3% 6.1. Gross amount ............................................................................................ 2,588,819 1,886,072 702,747 - 6.2. Impairments .............................................................................................. (2) (2) - -

7. Loans and advances to customers ............................................................... 25,268,969 25,965,133 (696,164) -2.7% 7.1. Gross amount ............................................................................................ 26,305,630 26,897,068 (591,438) - 7.2. Impairments .............................................................................................. (1,036,661) (931,935) (104,726) -

8. Held-to-maturity investments .................................................................... 88,382 136,877 (48,495) -35.4% 8.1. Gross amount ............................................................................................ 88,382 136,877 (48,495) - 8.2. Impairments .............................................................................................. - - - -

9. Assets with repurchase agreements ........................................................... - - - -

10. Hedging derivatives .................................................................................... 148,693 194,043 (45,350) -23.4%

11. Non-current assets held for sale ................................................................. 11,604 - 11,604 - 11.1. Gross amount .......................................................................................... 20,136 - 20,136 - 11.2. Impairments ............................................................................................ (8,532) - (8,532) -

12. Investment properties ................................................................................ 154,777 - 154,777 -

13. Other tangible assets.................................................................................. 204,239 197,337 6,902 3.5% 13.1. Gross amount .......................................................................................... 719,890 718,694 1,196 - 13.2. Impairments and depreciation ................................................................ (515,651) (521,357) 5,706 -

14. Intangible assets ........................................................................................ 24,883 19,149 5,734 29.9% 14.1. Gross amount .......................................................................................... 117,044 107,793 9,251 - 14.2. Impairments and depreciation ................................................................ (92,161) (88,644) (3,517) -

15. Investments in associates and subsidiaries excluded from consolidated accounts .................................................................................................... 212,980 221,992 (9,012) -4.1%

15.1. Gross amount .......................................................................................... 212,980 221,992 (9,012) - 15.2. Impairments ............................................................................................ - - - -

16. Current income tax assets .......................................................................... 10,697 22,237 (11,540) -51.9%

17. Deferred income tax assets ........................................................................ 411,834 517,455 (105,621) -20.4%

18. Technical provisions for reinsurance ceded ................................................. - - - -

19. Other assets ............................................................................................... 684,786 710,378 (25,592) -3.6% 19.1. Debtors for direct insurance and reinsurance ceded .............................. - - - -

19.2. Other assets ............................................................................................ 715,625 746,467 (30,842) -

19.3. Impairments ............................................................................................ (30,839) (36,089) 5,250 - Total Assets 42,628,850 42,699,750 (70,900) -0.2%

BPI Group


Consolidated balance sheet (cont’d) 31-Dec-14 31-Dec-13 Change 2014 – 2013


1. Deposits from central banks ....................................................................... 1,561,185 4,140,068 (2,578,883) -62.3%

2. Financial liabilities held for trading ............................................................. 326,785 255,245 71,540 28.0%

3. Other liabilities at fair value through profit or loss ...................................... - - - -

4. Deposits from other credit institutions ....................................................... 1,372,441 1,453,249 (80,808) -5.6%

5. Deposits from customers ............................................................................ 28,134,617 25,494,961 2,639,656 10.4%

6. Debt securities issued ................................................................................. 2,238,074 2,598,455 (360,381) -13.9%

7. Financial liabilities associated with transfered assets .................................. 1,047,731 1,387,296 (339,565) -24.5%


9. Non-current liabilities held for sale ............................................................. - - - -

10. Provisions................................................................................................... 107,333 123,780 (16,447) -13.3%

11. Technical provisions ................................................................................... 4,151,830 2,689,768 1,462,062 54.4%

12. Current income tax liabilities ...................................................................... 12,602 19,600 (6,998) -35.7%

13. Deferred income tax liabilities .................................................................... 30,028 37,977 (7,949) -20.9%

14. Equity instruments ..................................................................................... - 920,433 (920,433) -100.0%

15. Other subordinated liabilities ..................................................................... 69,521 136,931 (67,410) -49.2%

16. Other liabilities ........................................................................................... 703,836 587,199 116,637 19.9% 16.1. Creditors for direct insurance and reinsurance ....................................... - - - -

16.2. Other liabilities ........................................................................................ 703,836 587,199 116,637 -


Equity

17. Share capital .............................................................................................. 1,293,063 1,190,000 103,063 8.7%

18. Share premiums ......................................................................................... - - - -

19. Other equity instruments ........................................................................... 5,270 3,414 1,856 54.4%

20. Treasury stock ............................................................................................ (13,828) (17,090) 3,262 19.1%

21. Revaluation reserves .................................................................................. (51,143) (362,280) 311,137 85.9%

22. Other reserves and retained earnings ......................................................... 1,057,640 1,041,005 16,635 1.6%

23. Net income for the year .............................................................................. (163,623) 66,839 (230,462) -344.8%

24. Prepaid dividends ....................................................................................... - - - -

25. Minority interests ....................................................................................... 418,269 384,442 33,827 8.8%

Total Equity 2,545,648 2,306,330 239,318 10.4%


BPI Group


Consolidated income statement 31-Dec-14 31-Dec-13 Change 2014 – 2013


1. Interest and similar income ................................................................................. 1,408,355 1,503,945 (95,590) - 2. Interest and similar expense ............................................................................... 897,515 1,032,472 (134,957) -

3. Net interest income ...................................................................... 510,840 471,473 39,367 8.3% 4. Income from equity instruments ......................................................................... 3,612 3,657 (45) - 5. Fee and commission income ............................................................................... 369,266 360,326 8,940 - 6. Fee and commission expenses ............................................................................ (57,093) (49,984) (7,109) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 36,844 27,571 9,273 - 8. Net gains from available-for-sale financial assets ............................................... (135,005) 132,281 (267,286) - 9. Net gains from foreign exchange differences ...................................................... 121,059 97,484 23,575 -

10. Net gains from sale of other assets ..................................................................... 1,991 4,193 (2,202) - 11. Premiums net of reinsurance .............................................................................. 1,721,258 686,523 1,034,735 - 12. Claim costs net of reinsurance ............................................................................ (328,009) (355,829) 27,820 - 13. Changes in technical provisions net of reinsurance ............................................ (1,358,855) (305,939) (1,052,916) - 14. Other operating income and expense ................................................................. (28,202) (23,665) (4,537) -

15. Operating income ......................................................................... 857,706 1,048,091 (190,385) -18.2% 16. Personnel costs ................................................................................................... 402,538 386,805 15,733 - 17. General administrative expenses ........................................................................ 238,218 232,361 5,857 - 18. Depreciation and amortization ........................................................................... 30,771 31,376 (605) - 19. Provisions net of reversals .................................................................................. 7,385 782 6,603 - 20. Credit impairment net of reversals ..................................................................... 176,719 255,046 (78,327) - 21. Impairment on other financial assets net of reversals ........................................ 26,461 3,652 22,809 - 22. Impairment on other assets net of reversals ....................................................... 11,420 (16,463) 27,883 - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... 26,125 27,098 (973) -

25. Net income before tax and minority interests ................................. (9,681) 181,630 (191,311) -105.3% 26. Taxes ................................................................................................................... 30,663 20,421 10,242 -

26.1. Current ....................................................................................................... 31,689 46,727 (15,038) -

26.2. Deferred ..................................................................................................... (1,026) (26,306) 25,280 -

27. Net income after tax and before minority interests ......................... (40,344) 161,209 (201,553) -125.0% 28. Of which: Net income after tax of discontinued operations ....................... - - - - 29. Minority interests ................................................................................................ 123,279 94,370 28,909 - 30. Net consolidated income for the year (163,623) 66,839 (230,462) -344.8%

Consolidated statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013


Net income for the year Attributable to equity holders ..................................................................................... (163,623) 66,839 (230,462) -344.8%

Attributable to minority interest ................................................................................. 123,279 94,370 28,909 30.6% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 240,311 361,381 (121,070) - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. 161,388 (128,344) 289,732 - Taxes............................................................................................................................. (115,302) (66,549) (48,753) - Other movements ........................................................................................................... (10,879) (18,775) 7,896 - Other comprehensive income for the year ................................................................ 275,518 147,713 127,805 86.5% Total comprehensive income for the year 235,174 308,922 (73,748) -23.9%

BPI Group


Consolidated statement of changes in shareholder’ equity (thousands €)

Share Capital Other capital instruments

Share premiums

Treasury stock

Fair value reserve

Other reserves and

retained earnings

Net income for

the year

Minority interests


equity

Balances as at December 31st 2013 1,190,000 3,414 - (17,090) (362,336) 1,040,707 67,015 365,519 2,287,229


Changes in fair value, net of taxes .............................................. - - - - 286,397 15,961 - - 302,358 Pension fund – transitional arrangements ................................ - - - - - - - - -

Exchange rate differences.............. - - - - 24,796 - - 23,763 48,559

Other movements.......................... - - - - - - - - -

Net income for the year ...................... - - - - - - (163,623) 123,279 (40,344) Total gains and losses recognised in the year - - - - 311,193 15,961 (163,623) 147,042 310,573

Capital increase ................................... 103,063 - - - - 12,484 - (48,998) 66,549

Issue of other capital instruments ....... - - - - - - - - -

Transfer to reserves ............................. - - - - - 67,015 (67,015) - -

Dividends on ordinary shares .............. - - - - - - - (44,186) (44,186)

Prepaid dividends ................................ - - - - - - - (1,108) (1,108)

Changes in treasury stock .................... - 1,856 - 3,262 - (3,096) - - 2,022

Minority interests ................................

Other movements ............................... - - - - - (75,431) - - (75,431)

Balances as at December 31st 2014 1,293,063 5,270 - (13,828) (51,143) 1,057,640 (163,623) 418,269 2,545,648

BPI Group


Consolidated cash flow statement49 31-Dec-14 31-Dec-13 Change 2014 – 2013


Operating activities Interest, commissions and similar income received ................................. 3,627,980 2,625,073 1,002,907 -

Interest, commissions and similar expenses paid ..................................... (2,682,698) (1,657,002) (1,025,696) - Recovery of loans ..................................................................................... 16,472 17,602 (1,130) - Contributions to pension fund .................................................................. (10,654) (2,975) (7,679) - Cash payments to employees and suppliers ............................................. (598,244) (600,530) 2,286 -

Sub-total .................................................................................................... 352,856 382,168 (29,312) -

Changes in operating assets and liabilities Financial assets held for trading, available-for-sale and held-to-

maturity .................................................................................................... 846,938 1,172,033 (325,095) - Loans and advances to credit institutions................................................. (695,242) (178,036) (517,206) - Loans and advances to customers ............................................................ 534,047 1,196,716 (662,669) - Investment properties .............................................................................. 10,172 - 10,172 - Other assets .............................................................................................. (42,704) (127,823) 85,119 - Deposits from central banks and other credit institutions ....................... (2,620,418) (1,269,359) (1,351,059) - Deposits from customers .......................................................................... 3,933,611 1,308,346 2,625,265 - Financial liabilities held for trading ........................................................... 71,540 (84,934) 156,474 - Other liabilities ......................................................................................... (182,815) (335,652) 152,837 -

Net cash from operating activities before income tax ................................. 2,207,985 2,063,459 144,526 - Income tax paid ........................................................................................ (26,002) (69,381) 43,379 -

Cash flows from operating activities ........................................................... 2,181,983 1,994,078 187,905 9.4%

Investing activities Acquisition of / capital increases in subsidiaries and associates ............... - - - -

Divestment of subsidiaries and associates ............................................... - - - - Dividends received ................................................................................... 35,196 14,077 21,119 - Acquisition of other tangible and intangible assets .................................. (37,099) (35,371) (1,728) - Sale of other tangible assets ..................................................................... 73 96 (23) -

Cash flows from investing activities ............................................................ (1,830) (21,198) 19,368 91.4%

Financing activities Liabilities for non-derecognised assets ..................................................... (340,035) (202,661) (137,374) -

Issue of contingnt convertible subordinated debt .................................... - - - - Redemption of contingente convertible subordinated debt .................... (920,000) (280,000) (640,000) - Issue of debt securities and subordinated debt ........................................ 410,129 195,333 214,796 - Redemption of debt securities ................................................................. (1,069,758) (1,667,139) 597,381 - Acquisition and sale of own debt securities and subordinated debt ........ 336,256 330,410 5,846 - Redemption of preference shares ............................................................ - - - - Acquisition and sale of preference shares ................................................ (11,843) - (11,843) - Interest on contingent convertible subordinated debt............................. (27,108) (84,785) 57,677

Interest on debt securities and subordinated debt .................................. (81,527) (95,436) 13,909 - Dividends paid on preference shares ....................................................... (1,108) (1,088) (20) - Dividends paid .......................................................................................... - - - - Dividends paid to minority interest .......................................................... (44,186) (50,626) 6,440 - Acquisition and sale of treasury stock ...................................................... 2,021 (566) 2,587 -

Cash flows from financing activities ............................................................ (1,747,159) (1,856,558) 109,399 5.9%

Increase (decrease) in cash and cash equivalents ........................................ 432,994 116,322 316,672 - Cash and cash equivalents at the beginning of the year ........................... 1,841,667 1,722,717 118,950 -

Cash and cash equivalents at the end of the year 2,274,661 1,839,039 435,622 23.7%



II.2. Banco Carregosa Group

Banco Carregosa Group



Banco LJ Carregosa, S.A.

FRANCISCO MARQUES PEREIRA, SGPS, S.A.

LISBON BROKERS SOCIEDADE CORRETORA, S.A.

COLL LINK - SERVIÇOS INFORMÁTICOS E DE CONSULTADORIA. LDARETAIL PROPERTIES - F.I.I.F.


OTHER INVESTMENTS

International

BANKING

HOLDING COMPANIES



Banc

o Ca

rreg

osa G

roup

Bank

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Oth

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Bank

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Oth

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1. Cash and deposits at central banks ............................................................. 1,566 33,923 (32,357) -95.4%


3. Financial assets held for trading .................................................................. 4,804 2,759 2,045 74.1%

4. Other financial assets at fair value through profit or loss ............................. 1 - 1 -

5. Available-for-sale financial assets ............................................................... 44,310 104,698 (60,388) -57.7% 5.1. Gross amount ........................................................................................... 44,310 104,698 (60,388) - 5.2. Impairments ............................................................................................. - - - -

6. Loans and advances to credit institutions .................................................... 49,529 19,225 30,304 157.6% 6.1. Gross amount ........................................................................................... 49,529 19,225 30,304 - 6.2. Impairments ............................................................................................. - - - -

7. Loans and advances to customers ............................................................... 50,731 38,731 12,000 31.0% 7.1. Gross amount ........................................................................................... 50,731 38,731 12,000 - 7.2. Impairments ............................................................................................. - - - -

8. Held-to-maturity investments ..................................................................... - - - - 8.1. Gross amount ........................................................................................... - - - - 8.2. Impairments ............................................................................................. - - - -



11. Non-current assets held for sale ................................................................. 86 - 86 - 11.1. Gross amount ......................................................................................... 86 - 86 - 11.2. Impairments ........................................................................................... - - - -

12. Investment properties ................................................................................ 7,633 6,347 1,286 20.3%

13. Other tangible assets .................................................................................. 1,831 1,671 160 9.6% 13.1. Gross amount ......................................................................................... 6,974 6,561 413 - 13.2. Impairments and depreciation ............................................................... (5,143) (4,890) (253) -

14. Intangible assets ......................................................................................... 174 209 (35) -16.7% 14.1. Gross amount ......................................................................................... 3,764 3,597 167 - 14.2. Impairments and depreciation ............................................................... (3,590) (3,388) (202) -

15. Investments in associates and subsidiaries excluded from consolidated accounts ..................................................................................................... - - - -

15.1. Gross amount ......................................................................................... - - - - 15.2. Impairments ........................................................................................... - - - -

16. Current income tax assets ........................................................................... 2,587 291 2,296 789.0%

17. Deferred income tax assets ......................................................................... 244 301 (57) -18.9%


19. Other assets ............................................................................................... 9,033 7,560 1,473 19.5% 19.1. Debtors for direct insurance and reinsurance ceded .............................. - - - -

19.2. Other assets ............................................................................................ 9,033 7,560 1,473 -

19.3. Impairments ........................................................................................... - - - - Total Assets 199,104 227,941 (28,837) -12.7%





1. Deposits from central banks ....................................................................... 17,229 75,997 (58,768) -77.3%

2. Financial liabilities held for trading ............................................................. 1,959 96 1,863 1.940.6%


4. Deposits from other credit institutions ....................................................... 693 9,115 (8,422) -92.4%

5. Deposits from customers ............................................................................ 117,757 91,095 26,662 29.3%


7. Financial liabilities associated with transfered assets .................................. - - - -



10. Provisions ................................................................................................... 270 556 (286) -51.4%

11. Technical provisions ................................................................................... - - - -

12. Current income tax liabilities ...................................................................... 4 - 4 -

13. Deferred income tax liabilities .................................................................... - - - -

14. Equity instruments ..................................................................................... - - - -

15. Other subordinated liabilities ..................................................................... - - - -

16. Other liabilities ........................................................................................... 24,063 9,289 14,774 159.0% 16.1. Creditors for direct insurance and reinsurance ...................................... - - - -

16.2. Other liabilities ....................................................................................... 24,063 9,289 14,774 -


Equity

17. Share capital ............................................................................................... 20,000 20,000 - 0.0%

18. Share premiums ......................................................................................... 369 369 - 0.0%

19. Other equity instruments ........................................................................... - - - -

20. Treasury stock ............................................................................................ - - - -

21. Revaluation reserves .................................................................................. (983) 1,727 (2,710) -156.9%

22. Other reserves and retained earnings ......................................................... 13,901 9,061 4,840 53.4%

23. Net income for the year .............................................................................. 379 7,286 (6,907) -94.8%


25. Minority interests ....................................................................................... 3,463 3,350 113 3.4%

Total Equity 37,129 41,793 (4,664) -11.2%






1. Interest and similar income ................................................................................. 5,807 7,864 (2,057) - 2. Interest and similar expense ............................................................................... 2,035 2,919 (884) -

3. Net interest income ...................................................................... 3,772 4,945 (1,173) -23.7% 4. Income from equity instruments ......................................................................... - - - - 5. Fee and commission income ............................................................................... 4,873 3,464 1,409 - 6. Fee and commission expenses ............................................................................ (985) (825) (160) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (2,642) 7,784 (10,426) - 8. Net gains from available-for-sale financial assets ................................................ 5,616 3,616 2,000 - 9. Net gains from foreign exchange differences ...................................................... 1,530 (385) 1,915 -

10. Net gains from sale of other assets ..................................................................... 966 1,489 (523) - 11. Premiums net of reinsurance .............................................................................. - - - - 12. Claim costs net of reinsurance ............................................................................ - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. 456 (470) 926 -

15. Operating income ......................................................................... 13,586 19,618 (6,032) -30.7% 16. Personnel costs ................................................................................................... 3,765 3,662 103 - 17. General administrative expenses ........................................................................ 3,769 3,553 216 - 18. Depreciation and amortization ............................................................................ 579 910 (331) - 19. Provisions net of reversals ................................................................................... (297) 556 (853) - 20. Credit impairment net of reversals ...................................................................... 224 107 117 - 21. Impairment on other financial assets net of reversals ........................................ 4,525 - 4,525 - 22. Impairment on other assets net of reversals ....................................................... - (340) 340 - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... - 6 (6) -

25. Net income before tax and minority interests .................................. 1,021 11,176 (10,155) -90.9% 26. Taxes ................................................................................................................... 341 3,787 (3,446) -

26.1. Current ....................................................................................................... 284 3,795 (3,511) -

26.2. Deferred ..................................................................................................... 57 (8) 65 -

27. Net income after tax and before minority interests ......................... 680 7,389 (6,709) -90.8% 28. Of which: Net income after tax of discontinued operations........................ - - - - 29. Minority interests ................................................................................................ 301 103 198 - 30. Net consolidated income for the year 379 7,286 (6,907) -94.8%



Net income for the year Attributable to equity holders .................................................................................... 379 7,286 (6,907) -94.8%

Attributable to minority interest ................................................................................ 301 103 198 192.2% Available-for-sale financial assets

Gains / (losses) arising during the year....................................................................... (3,678) 1,141 (4,819) - Reclassification adjustments for gains/ (losses) included in the profit or loss ........... - - - - Taxes ........................................................................................................................... - - - - Other movements .......................................................................................................... 272 (14) 286 - Other comprehensive income for the year ............................................................... (3,406) 1,127 (4,533) -402.2% Total comprehensive income for the year (2,726) 8,516 (11,242) -132.0%





Share premiums

Fair value reserve

Other reserves and

retained earnings


Minority interests


equity

Balances as at December 31st 2013 20,000 - 369 2,265 8,523 7,286 3,350 41,793


Changes in fair value, net of taxes ............................................. - - - (3,674) - - - (3,674) Pension fund – transitional arrangements................................ - - - - (696) - - (696)

Exchange rate differences ............. - - - - 964 - - 964

Net income for the year ...................... - - - - - 379 - 379 Total gains and losses recognised in the year - - - (3,674) 268 379 - (3,027)

Capital increase .................................. - - - - - - - -

Issue of other capital instruments ...... - - - - - - - -

Transfer to reserves ............................ - - - - 5,536 (5,536) - -

Dividends on ordinary shares .............. - - - - - (1,750) - (1,750)

Prepaid dividends ............................... - - - - - - - -

Changes in treasury stock ................... - - - - - - - -

Minority interests ............................... - - - - - - 113 113

Other movements ............................... - - - - - - - -

Balances as at December 31st 2014 20,000 - 369 (1,409) 14,327 379 3,463 37,129



Consolidated cash flow statement 31-Dec-14 31-Dec-13 Change 2014 – 2013


Cash flows from operating activities Interest and similar income received ........................................................ 6,547 n.a. n.a. -

Interest and similar expenses paid ............................................................ (2,983) n.a. n.a. - Fees and commissions received ................................................................ 4,939 n.a. n.a. - Fees and commissions paid ....................................................................... (917) n.a. n.a. - Recovery of loans ...................................................................................... - n.a. n.a. - Contributions to pension fund .................................................................. - n.a. n.a. - Cash payments to employees and suppliers ............................................. (7,522) n.a. n.a. -

Sub-total .................................................................................................... 64 n.a. n.a. - Changes in operating assets and liabilities

Deposits at central banks .......................................................................... (57,990) n.a. n.a. - Financial assets and liabilities at fair value through profit or loss ............. (182) n.a. n.a. - Loans and advances to credit institutions ................................................. (30,302) n.a. n.a. - Deposits from credit institutions ............................................................... (7,754) n.a. n.a. - Loans and advances to customers ............................................................ (11,201) n.a. n.a. - Deposits from customers .......................................................................... 26,767 n.a. n.a. - Hedging derivatives ................................................................................... - n.a. n.a. - Other operating assets and liabilities ........................................................ 16,102 n.a. n.a. -

Net cash from operating activities before income tax .................................. (64,496) n.a. n.a. n.a. Income tax paid ......................................................................................... (2,593) n.a. n.a. -

Net cash from operating activities ............................................................... (67,089) n.a. n.a. n.a. Cash flows from investing activities

Acquisition of subsidiaries and associates................................................. - n.a. n.a. - Divestment of subsidiaries and associates ................................................ - n.a. n.a. - Dividends received .................................................................................... - n.a. n.a. - Acquisition of available-for-sale financial assets ....................................... - n.a. n.a. - Sale of available-for-sale financial assets .................................................. 52,958 n.a. n.a. - Held-to-maturity investments ................................................................... - n.a. n.a. - Acquisition of tangible and intangible assets ............................................ (1,480) n.a. n.a. - Sale of tangible and intangible assets ....................................................... 16 n.a. n.a. -

Net cash from investing activities................................................................ 51,494 n.a. n.a. n.a. Cash flows from financing activities

Capital increase ......................................................................................... - n.a. n.a. - Issue of bonds and other debt securities .................................................. - n.a. n.a. - Reimbursement of bonds and other debt securities ................................. - n.a. n.a. - Issue / reimbursement of subordinated liabilities .................................... - n.a. n.a. - Treasury stock ........................................................................................... - n.a. n.a. - Dividends paid ........................................................................................... (1,774) n.a. n.a. -

Net cash from financing activities ............................................................... (1,774) n.a. n.a. n.a. Net changes in cash and cash equivalents ................................................... (17,369) n.a. n.a. n.a.

Cash and cash equivalents at the beginning of the year ........................... 45,338 n.a. n.a. - Effect of exchange rate changes on cash and cash equivalents ................ - n.a. n.a. -

Net changes in cash and cash equivalents ................................................... (17,369) n.a. n.a. n.a. Cash and cash equivalents at the end of the year 27,969 n.a. n.a. n.a.


II.3. Banco Comercial Português Group

Banco Comercial Português Group



Banco Comercial Português, S.A. Banco Millennium Angola, S.A. AngolaBanco ActivoBank, S.A. Bank Millennium, S.A. PolandBanco de Investimento Imobiliário, S.A. Banque Privée BCP (Suisse) S.A. Switzerland

BCP Finance Bank, Ltd. CaymanBIM - Banco Internacional de Moçambique, S.A. MozambiqueMillennium bcp Bank & Trust Cayman

BCP Capital - Sociedade de Capital de Risco, S.A.

Millennium bcp Gestão de Activos - Sociedade Gestora de Fundos de Investimento, S.A. BII Investimentos International, S.A. LuxembourgInterfundos - Gestão de Fundos de Investimento Imobiliários, S.A. Millennium TFI S.A. PolandImábida - Imobiliária da Arrábida, S A. MBCP Reo I, LLC USAMillennium bcp Imobiliária, S.A. MBCP Reo II, LLC USA

BCP África, Lda BCP holdings (usa), Inc. USAMillennium bcp Participações, S.G.P.S., Sociedade Unipessoal, Lda. BCP Investment B.V. Netherlands

Bitalpart, B.V. NetherlandsBCP International B.V. Netherlands

S&P Reinsurance Limited IrelandSIM - Seguradora Internacional de Moçambique, S.A.R.L. Mozambique

Millennium Dom Maklerski S.A. PolandMillennium Telecomunication Sp. z o.o. PolandBCP Finance Company CaymanMB Finance AB SwedenBG Leasing S.A. PolandMillennium Leasing Sp. z o.o. PolandCaracas Financial Services, Limited CaymanMillennium BCP - Escritório de Representações e Serviços, Ltda. Brazil

Millennium bcp - Prestação de Serviços, A. C. E. TBM Sp.z o.o. PolandServitrust - Trust Management and Services, S.A. Millennium Service Sp. z o.o PolandMillennium BCP Teleserviços - Serviços de Comércio Electrónico, S.A.QPR Investmentos, S.A.Propaço- Sociedade Imobiliária De Paço D'Arcos, LdaEnerparcela - Empreendimentos Imobiliários, S.A.Adelphi Gere, Investimentos Imobiliários, S.A.Sadamora - Investimentos Imobiliários, S.A.Irgossai - Urbanização e construção, S.A.



OTHER INVESTMENTS

International

BANKING


ASSET MANAGEMENT

HOLDING COMPANIES



Banc

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Bank

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Oth

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Bank

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1. Cash and deposits at central banks ............................................................. 1,707,447 2,939,663 (1,232,216) -41.9%

2. Deposits at other credit institutions ............................................................ 795,774 1,054,030 (258,256) -24.5%

3. Financial assets held for trading .................................................................. 1,674,240 1,290,079 384,161 29.8%

4. Other financial assets at fair value through profit or loss ............................. - - - -

5. Available-for-sale financial assets ............................................................... 8,263,225 9,327,120 (1,063,895) -11.4% 5.1. Gross amount ........................................................................................... 8,550,331 9,478,655 (928,324) - 5.2. Impairments ............................................................................................. (287,106) (151,535) (135,571) -

6. Loans and advances to credit institutions .................................................... 1,456,026 1,240,628 215,398 17.4% 6.1. Gross amount ........................................................................................... 1,456,079 1,240,830 215,249 - 6.2. Impairments ............................................................................................. (53) (202) 149 -

7. Loans and advances to customers ............................................................... 53,685,648 56,802,197 (3,116,549) -5.5% 7.1. Gross amount ........................................................................................... 57,168,353 60,222,256 (3,053,903) - 7.2. Impairments ............................................................................................. (3,482,705) (3,420,059) (62,646) -

8. Held-to-maturity investments ..................................................................... 2,311,181 3,110,330 (799,149) -25.7% 8.1. Gross amount ........................................................................................... 2,311,181 3,110,330 (799,149) - 8.2. Impairments ............................................................................................. - - - -

9. Assets with repurchase agreements ............................................................ 36,423 58,268 (21,845) -37.5%


11. Non-current assets held for sale.................................................................. 1,622,016 1,506,431 115,585 7.7% 11.1. Gross amount ......................................................................................... 1,883,591 1,879,126 4,465 - 11.2. Impairments ........................................................................................... (261,575) (372,695) 111,120 -

12. Investment properties ................................................................................ 176,519 195,599 (19,080) -9.8%

13. Other tangible assets .................................................................................. 755,451 732,563 22,888 3.1% 13.1. Gross amount ......................................................................................... 1,902,194 1,879,569 22,625 - 13.2. Impairments and depreciation ............................................................... (1,146,743) (1,147,006) 263 -

14. Intangible assets ......................................................................................... 252,789 250,915 1,874 0.7% 14.1. Gross amount ......................................................................................... 400,825 408,450 (7,625) - 14.2. Impairments and depreciation ............................................................... (148,036) (157,535) 9,499 -

15. Investments in associates and subsidiaries excluded from consolidated accounts ..................................................................................................... 323,466 578,890 (255,424) -44.1%

15.1. Gross amount ......................................................................................... 323,466 578,890 (255,424) - 15.2. Impairments ........................................................................................... - - - -

16. Current income tax assets ........................................................................... 41,895 41,051 844 2.1%

17. Deferred income tax assets ......................................................................... 2,398,562 2,181,405 217,157 10.0%

18. Technical provisions for reinsurance ceded ................................................. 2,151 2,690 (539) -20.0%

19. Other assets ............................................................................................... 782,778 590,671 192,107 32.5% 19.1. Debtors for direct insurance and reinsurance ceded .............................. 6,526 4,129 2,397 -

19.2. Other assets ............................................................................................ 915,211 753,209 162,002 -

19.3. Impairments ........................................................................................... (138,959) (166,667) 27,708 - Total Assets 76,360,916 82,007,033 (5,646,117) -6.9%







3. Other liabilities at fair value through profit or loss ..................................... - - - -

4. Deposits from other credit institutions ....................................................... 4,148,482 2,301,469 1,847,013 80.3%

5. Deposits from customers ........................................................................... 49,816,736 48,959,752 856,984 1.8%

6. Debt securities issued ................................................................................ 5,709,569 9,411,227 (3,701,658) -39.3%

7. Financial liabilities associated with transfered assets ................................. - - - -

8. Hedging derivatives ................................................................................... 352,543 243,373 109,170 44.9%


10. Provisions .................................................................................................. 377,561 291,782 85,779 29.4%

11. Technical provisions ................................................................................... 82,732 74,178 8,554 11.5%

12. Current income tax liabilities ..................................................................... 31,794 24,684 7,110 28.8%

13. Deferred income tax liabilities ................................................................... 6,686 6,301 385 6.1%

14. Equity instruments ..................................................................................... 763,134 3,026,070 (2,262,936) -74.8%

15. Other subordinated liabilities ..................................................................... 1,262,538 1,335,269 (72,731) -5.4%

16. Other liabilities .......................................................................................... 1,051,592 996,523 55,069 5.5% 16.1. Creditors for direct insurance and reinsurance ....................................... 4,790 3,430 1,360 -

16.2. Other liabilities ........................................................................................ 1,046,802 993,093 53,709 -


Equity

17. Share capital .............................................................................................. 3,877,865 3,671,175 206,690 5.6%

18. Share premiums ......................................................................................... - - - -

19. Other equity instruments ........................................................................... 9,853 9,853 - 0.0%

20. Treasury stock ........................................................................................... (13,547) (22,745) 9,198 40.4%

21. Revaluation reserves.................................................................................. 106,898 22,311 84,587 379.1%

22. Other reserves and retained earnings......................................................... 458,087 (356,937) 815,024 228.3%

23. Net income for the year ............................................................................. (226,620) (740,450) 513,830 69.4%


25. Minority interests ...................................................................................... 774,371 692,601 81,770 11.8%

Total Equity 4,986,907 3,275,808 1,711,099 52.2%






1. Interest and similar income ................................................................................ 2,652,638 2,832,912 (180,274) - 2. Interest and similar expense ............................................................................... 1,536,487 1,984,825 (448,338) -

3. Net interest income ...................................................................... 1,116,151 848,087 268,064 31.6% 4. Income from equity instruments ........................................................................ 5,888 3,680 2,208 - 5. Fee and commission income ............................................................................... 812,180 847,857 (35,677) - 6. Fee and commission expenses ............................................................................ (131,295) (184,883) 53,588 - 7. Net gains from assets and liabilities at fair value through profit or loss ............. (4,793) 138,228 (143,021) - 8. Net gains from available-for-sale financial assets ............................................... 340,724 180,358 160,366 - 9. Net gains from foreign exchange differences ..................................................... 98,524 110,465 (11,941) -

10. Net gains from sale of other assets ..................................................................... 45,445 (36,759) 82,204 - 11. Premiums net of reinsurance .............................................................................. 27,675 27,757 (82) - 12. Claim costs net of reinsurance ............................................................................ (10,641) (14,056) 3,415 - 13. Changes in technical provisions net of reinsurance ............................................ (6,230) (2,912) (3,318) - 14. Other operating income and expense ................................................................. (77,949) (255,892) 177,943 -

15. Operating income ......................................................................... 2,215,679 1,661,930 553,749 33.3% 16. Personnel costs ................................................................................................... 635,616 767,463 (131,847) - 17. General administrative expenses ........................................................................ 448,451 459,653 (11,202) - 18. Depreciation and amortization ........................................................................... 65,543 68,123 (2,580) - 19. Provisions net of reversals .................................................................................. 81,472 150,059 (68,587) - 20. Credit impairment net of reversals ..................................................................... 1,106,990 820,827 286,163 - 21. Impairment on other financial assets net of reversals ........................................ 91,345 102,193 (10,848) - 22. Impairment on other assets net of reversals ...................................................... 36,457 213,515 (177,058) - 23. Negative consolidation differences ..................................................................... - 96 (96) - 24. Net gains from associates and joint ventures (equity method) .......................... 35,960 62,260 (26,300) -

25. Net income before tax and minority interests ................................. (214,235) (857,547) 643,312 75.0% 26. Taxes ................................................................................................................... (97,675) (210,799) 113,124 -

26.1. Current ....................................................................................................... 100,995 115,635 (14,640) -

26.2. Deferred ..................................................................................................... (198,670) (326,434) 127,764 -

27. Net income after tax and before minority interests ........................ (116,560) (646,748) 530,188 82.0% 28. Of which: Net income after tax of discontinued operations ....................... (40,831) (45,003) 4,172 - 29. Minority interests ............................................................................................... 110,060 93,702 16,358 - 30. Net consolidated income for the year (226,620) (740,450) 513,830 69.4% Consolidated statement of comprehensive income 31-Dec-14 31-Dec-13 Change 2014 – 2013


Net income for the year Attributable to equity holders .................................................................................... (226,620) (740,450) 513,830 69.4%

Attributable to minority interest ................................................................................ 110,060 93,702 16,358 17.5% Available-for-sale financial assets

Gains / (losses) arising during the year ....................................................................... 94,380 21,279 73,101 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............ - - - - Taxes ........................................................................................................................... (10,200) 96 (10,296) - Other movements .......................................................................................................... (433,471) (82,325) (351,146) - Other comprehensive income for the year ............................................................... (349,291) (60,950) (288,341) -473.1% Total comprehensive income for the year (465,851) (707,698) 241,847 34.2%




Share Capital Acções preferenciais


Share premiums

Treasury stock

Fair value reserve

Other reserves and

retained earnings

Net income for

the year

Minority interests


equity

Balances as at December 31st 2013 3,500,000 171,175 9,853 - (22,745) 22,311 (1,097,387) - 692,601 3,275,808


Changes in fair value, net of taxes .............................................. - - - - - - - - - - Pension fund – transitional arrangements ................................ - - - - - - - - - -

Exchange rate differences ............. - - - - - - - - - -

Net income for the year ...................... - - - - - - - (226,620) - (226,620) Total gains and losses recognised in the year - - - - - - - (226,620) - (226,620)

Capital increase ................................... 206,690 - - - - - 1,989,403 - - 2,196,093

Issue of other capital instruments ....... - - - - - - - - - -

Transfer to reserves ............................ - - - - - - - - - -

Dividends on ordinary shares .............. - - - - - - - - - -

Prepaid dividends ................................ - - - - - - - - - -

Changes in treasury stock.................... - - - - - - - - - -

Minority interests................................ - - - - - - - - 81,770 81,770

Other movements ............................... - - - - 9,198 84,587 (433,929) - - (340,144)

Balances as at December 31st 2014 3,706,690 171,175 9,853 - (13,547) 106,898 458,087 (226,620) 774,371 4,986,907






Interest and similar expenses paid ............................................................ (1,635,320) (1,773,627) 138,307 - Fees and commissions received ................................................................ 952,100 1,003,297 (51,197) - Fees and commissions paid ....................................................................... (271,755) (326,910) 55,155 - Recovery of loans ...................................................................................... 15,631 16,493 (862) - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers ............................................. (1,491,419) (1,460,800) (30,619) -

Sub-total .................................................................................................... (76,229) (108,237) 32,008 - Changes in operating assets and liabilities

Deposits at central banks .......................................................................... 1,329,828 567,938 761,890 - Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. (332,121) 1,857,494 (2,189,615) - Deposits from credit institutions ............................................................... (2,398,942) (1,536,008) (862,934) - Loans and advances to customers ............................................................ 3,386,494 2,700,354 686,140 - Deposits from customers .......................................................................... 46,665 1,844,438 (1,797,773) - Hedging derivatives ................................................................................... (138,348) (139,471) 1,123 - Other operating assets and liabilities ........................................................ (2,655,416) 869,423 (3,524,839) -

Net cash from operating activities before income tax .................................. (838,069) 6,055,931 (6,894,000) -113.8% Income tax paid ......................................................................................... (85,513) (105,897) 20,384 -

Net cash from operating activities............................................................... (923,582) 5,950,034 (6,873,616) -115.5% Cash flows from investing activities

Acquisition of subsidiaries and associates................................................. 163,786 - 163,786 - Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 9,269 6,482 2,787 - Acquisition of available-for-sale financial assets ....................................... 13,340,670 (82,118,464) 95,459,134 - Sale of available-for-sale financial assets .................................................. (81,318,632) 82,217,306 (163,535,938) - Held-to-maturity investments ................................................................... 1,570,721 (1,955,760) 3,526,481 - Acquisition of tangible and intangible assets ............................................ 69,578,158 (76,156) 69,654,314 - Sale of tangible and intangible assets ....................................................... (119,763) 37,981 (157,744) -

Net cash from investing activities ............................................................... 3,224,209 (1,888,611) 5,112,820 270.7% Cash flows from financing activities

Capital increase ......................................................................................... 2,241,690 - 2,241,690 - Issue of bonds and other debt securities .................................................. 4,011,864 6,074,946 (2,063,082) - Reimbursement of bonds and other debt securities ................................. (7,758,954) (10,495,471) 2,736,517 - Issue / reimbursement of subordinated liabilities .................................... (2,265,248) 325 (2,265,573) - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... (31,055) (8,978) (22,077) -

Net cash from financing activities ............................................................... (3,801,703) (4,429,178) 627,475 14.2% Net changes in cash and cash equivalents ................................................... (1,501,076) (367,755) (1,133,321) -308.2%

Cash and cash equivalents at the beginning of the year ........................... 3,993,693 4,410,230 (416,537) - Effect of exchange rate changes on cash and cash equivalents ................ 10,604 (48,782) 59,386 -

Net changes in cash and cash equivalents ................................................... (1,501,076) (367,755) (1,133,321) -308.2% Cash and cash equivalents at the end of the year 2,503,221 3,993,693 (1,490,472) -37.3%


II.4. Banco de Investimento Global Group

Banco de Investimento Global Group




Onetier Partners, SGPS, S.A.

BIG Serviços Financeiros, S.A.

International

BANKING

HOLDING COMPANIES






1. Cash and deposits at central banks ............................................................. 45,629 14,560 31,069 213.4%




5. Available-for-sale financial assets ............................................................... 1,090,978 874,881 216,097 24.7% 5.1. Gross amount ........................................................................................... 1,090,978 874,881 216,097 - 5.2. Impairments ............................................................................................. - - - -

6. Loans and advances to credit institutions .................................................... 558 35,528 (34,970) -98.4% 6.1. Gross amount ........................................................................................... 558 35,528 (34,970) - 6.2. Impairments ............................................................................................. - - - -

7. Loans and advances to customers ............................................................... 136,162 196,918 (60,756) -30.9% 7.1. Gross amount ........................................................................................... 136,354 197,106 (60,752) - 7.2. Impairments ............................................................................................. (192) (188) (4) -




11. Non-current assets held for sale ................................................................. 20 205 (185) -90.2% 11.1. Gross amount ......................................................................................... 45 329 (284) - 11.2. Impairments ........................................................................................... (25) (124) 99 -

12. Investment properties ................................................................................ - - - -

13. Other tangible assets .................................................................................. 15,355 16,409 (1,054) -6.4% 13.1. Gross amount ......................................................................................... 26,835 26,769 66 - 13.2. Impairments and depreciation ............................................................... (11,480) (10,360) (1,120) -

14. Intangible assets ......................................................................................... 638 133 505 379.7% 14.1. Gross amount ......................................................................................... 8,179 7,592 587 - 14.2. Impairments and depreciation ............................................................... (7,541) (7,459) (82) -

15. Investments in associates and subsidiaries excluded from consolidated accounts ..................................................................................................... - 5,399 (5,399) -100.0%

15.1. Gross amount ......................................................................................... - 5,399 (5,399) - 15.2. Impairments ........................................................................................... - - - -

16. Current income tax assets ........................................................................... - 243 (243) -100.0%

17. Deferred income tax assets ......................................................................... 4,302 2,068 2,234 108.0%



19.2. Other assets ............................................................................................ 63,448 16,190 47,258 -

19.3. Impairments ........................................................................................... (29) (28) (1) - Total Assets 1,444,517 1,214,430 230,087 18.9%





1. Deposits from central banks ....................................................................... 180,173 130,315 49,858 38.3%



4. Deposits from other credit institutions ....................................................... 108,264 143,478 (35,214) -24.5%






10. Provisions ................................................................................................... 14,932 4,701 10,231 217.6%









Equity

17. Share capital .............................................................................................. 104,000 104,000 - 0.0%

18. Share premiums ......................................................................................... 1,362 1,362 - 0.0%


20. Treasury stock ............................................................................................ (153) (1,084) 931 85.9%

21. Revaluation reserves .................................................................................. (7,284) (2,180) (5,104) -234.1%


23. Net income for the year .............................................................................. 82,529 58,628 23,901 40.8%

24. Prepaid dividends ....................................................................................... (15,600) (12,480) (3,120) -25.0%

25. Minority interests ....................................................................................... - - - -

Total Equity 261,369 207,193 54,176 26.1%






1. Interest and similar income ................................................................................. 43,413 43,994 (581) - 2. Interest and similar expense ............................................................................... 18,275 18,247 28 -

3. Net interest income ...................................................................... 25,138 25,747 (609) -2.4% 4. Income from equity instruments ......................................................................... 661 1,812 (1,151) - 5. Fee and commission income ............................................................................... 18,329 8,119 10,210 - 6. Fee and commission expenses ............................................................................ (6,886) (1,586) (5,300) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (77,641) 7,018 (84,659) - 8. Net gains from available-for-sale financial assets................................................ 183,744 79,261 104,483 - 9. Net gains from foreign exchange differences ...................................................... 11,257 (90) 11,347 -

10. Net gains from sale of other assets ..................................................................... 14,786 5,041 9,745 - 11. Premiums net of reinsurance .............................................................................. - - - - 12. Claim costs net of reinsurance ............................................................................ - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. (13) (300) 287 -

15. Operating income ......................................................................... 169,375 125,022 44,353 35.5% 16. Personnel costs ................................................................................................... 24,124 22,356 1,768 - 17. General administrative expenses ........................................................................ 9,277 7,690 1,587 - 18. Depreciation and amortization ............................................................................ 1,028 1,135 (107) - 19. Provisions net of reversals ................................................................................... 10,256 1,871 8,385 - 20. Credit impairment net of reversals ...................................................................... 35 (34) 69 - 21. Impairment on other financial assets net of reversals ........................................ - 125 (125) - 22. Impairment on other assets net of reversals ....................................................... 174 103 71 - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... 175 163 12 -

25. Net income before tax and minority interests.................................. 124,656 91,939 32,717 35.6% 26. Taxes ................................................................................................................... 42,127 33,311 8,816 -

26.1. Current ....................................................................................................... 41,850 33,219 8,631 -

26.2. Deferred ..................................................................................................... 277 92 185 -

27. Net income after tax and before minority interests ......................... 82,529 58,628 23,901 40.8% 28. Of which: Net income after tax of discontinued operations ....................... - - - - 29. Minority interests ................................................................................................ - - - - 30. Net consolidated income for the year 82,529 58,628 23,901 40.8%



Net income for the year Attributable to equity holders ..................................................................................... 82,529 58,628 23,901 40.8%

Attributable to minority interest ................................................................................. - - - - Available-for-sale financial assets

Gains / (losses) arising during the year........................................................................ (6,963) (3,595) (3,368) - Reclassification adjustments for gains/ (losses) included in the profit or loss ............ - - - - Taxes ............................................................................................................................ 1,859 2,199 (340) - Other movements ........................................................................................................... (2,340) (2,132) (208) - Other comprehensive income for the year ................................................................ (7,444) (3,528) (3,916) -111.0% Total comprehensive income for the year 75,085 55,100 19,985 36.3%





Share premiums

Treasury stock

Fair value reserve

Other reserves and

retained earnings

Net income for

the year

Prepaid dividends


equity

Balances as at December 31st 2013 104,000 - 1,362 (1,084) (2,180) 58,947 58,628 (12,480) 207,193


Changes in fair value, net of taxes ............................................. - - - - (5,104) - - - (5,104) Pension fund – transitional arrangements ............................... - - - - - - - - -

Other movements ......................... - - - - - - - - -

Net income for the year ...................... - - - - - (2,340) 82,529 - 80,189 Total gains and losses recognised in the year - - - - (5,104) (2,340) 82,529 - 75,085

Capital increase .................................. - - - - - - - - -

Issue of other capital instruments ...... - - - - - - - - -

Transfer to reserves ............................ - - - - - 39,908 (39,908) - -

Dividends on ordinary shares ............. - - - - - - (18,720) 12,480 (6,240)

Prepaid dividends ............................... - - - - - - - (15,600) (15,600)

Changes in treasury stock ................... - - - 931 - - - - 931

Minority interests ............................... - - - - - - - - -

Other movements .............................. - - - - - - - - -

Balances as at December 31st 2014 104,000 - 1,362 (153) (7,284) 96,515 82,529 (15,600) 261,369






Interest and similar expenses paid ............................................................ (18,133) (18,247) 114 - Fee and commissions ................................................................................ 15,836 6,533 9,303 - Recovery of loans ...................................................................................... - - - - Contributions to pension fund .................................................................. (4,316) (3,795) (521) - Cash payments to employees and suppliers ............................................. (25,299) (26,031) 732 - Other costs and income paid/received ..................................................... (252) (19) (233) -

Sub-total .................................................................................................... 15,252 2,435 12,817 -

Variações nos activos e passivos operacionais Deposits at central banks .......................................................................... (31,179) (286) (30,893) -

Financial assets and liabilities held for trading .......................................... 155 7,818 (7,663) - Loans and advances to credit institutions ................................................. 34,972 1,396 33,576 - Deposits from central banks ..................................................................... 50,000 (129,933) 179,933

Deposits from credit institutions .............................................................. (34,996) 136,997 (171,993) - Loans and advances to customers ............................................................ 60,658 (4,286) 64,944 - Deposits from customers .......................................................................... 125,971 139,887 (13,916) - Hedging derivatives .................................................................................. (40,142) (3,181) (36,961) - Other operating assets and liabilities ........................................................ (44,611) 9,437 (54,048) -

Net cash from operating activities before income tax ................................. 136,080 160,284 (24,204) -15.1% Income tax paid/received ......................................................................... (44,822) (33,724) (11,098) -

Net cash from operating activities .............................................................. 91,258 126,560 (35,302) -27.9% Cash flows from investing activities

Acquisition of subsidiaries and associates ................................................ - - - - Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 660 1,812 (1,152) - Available-for-sale financial assets ............................................................. (43,209) (98,245) 55,036 - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (576) (949) 373 - Sale of tangible and intangible assets ....................................................... - - - -

Net cash from investing activities ............................................................... (43,125) (97,382) 54,257 55.7% Cash flows from financing activities

Capital increase ......................................................................................... - - - - Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................. - - - - Issue / reimbursement of subordinated liabilities .................................... - - - - Treasury stock ........................................................................................... 931 87 844 - Dividends paid .......................................................................................... (21,839) (18,720) (3,119) -

Net cash from financing activities ............................................................... (20,908) (18,633) (2,275) -12.2% Net changes in cash and cash equivalents ................................................... 27,225 10,545 16,680 158.2%

Cash and cash equivalents at the beginning of the year ........................... 31,821 21,276 10,545 - Effect of exchange rate changes on cash and cash equivalents ................ 2,257 - 2,257 -

Net changes in cash and cash equivalents ................................................... 27,225 10,545 16,680 158.2% Cash and cash equivalents at the end of the year 61,303 31,821 29,482 92.6%



II.5. Banco Finantia Group

Banco Finantia Group



Banco Finantia, S.A. Banco Finantia International, Ltd Cayman IslandsBanco Finantia Sofinloc Spain

Finantia - SGFTC, S.A.

Finantia PH Limited MaltaFinantia Holdings BV Netherlands

Sofinloc - Inst. Financeira de Crédito, SA Finantia Securities Limited UKFinantia USA Limited USAFinantia EMEA Ltd Malta

Finantia Serviços, Lda. Esprin - Españolda de Promociones, SL SpainFinantia Brasil, Lda. BrazilLTR Finance nº 7 Ireland

OTHER INVESTMENTS

International

BANKING

ASSET MANAGEMENT

HOLDING COMPANIES




Banc

o Fi

nant

ia G

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Bank

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Oth

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Bank

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3. Financial assets held for trading .................................................................. 20,805 20,367 438 2.2%


5. Available-for-sale financial assets ............................................................... 1,447,464 1,201,760 245,704 20.4% 5.1. Gross amount ........................................................................................... 1,462,799 1,201,760 261,039 - 5.2. Impairments ............................................................................................. (15,335) - (15,335) -

6. Loans and advances to credit institutions .................................................... 216,236 209,227 7,009 3.3% 6.1. Gross amount ........................................................................................... 217,413 209,227 8,186 - 6.2. Impairments ............................................................................................. (1,177) - (1,177) -

7. Loans and advances to customers ............................................................... 457,301 640,044 (182,743) -28.6% 7.1. Gross amount ........................................................................................... 610,697 661,312 (50,615) - 7.2. Impairments ............................................................................................. (153,396) (21,268) (132,128) -



10. Hedging derivatives .................................................................................... 4,952 - 4,952 -

11. Non-current assets held for sale ................................................................. - 357 (357) -100.0% 11.1. Gross amount ......................................................................................... - 529 (529) - 11.2. Impairments ........................................................................................... - (172) 172 -

12. Investment properties ................................................................................ 955 1,147 (192) -16.7%

13. Other tangible assets .................................................................................. 12,810 12,987 (177) -1.4% 13.1. Gross amount ......................................................................................... 35,482 37,645 (2,163) - 13.2. Impairments and depreciation ............................................................... (22,672) (24,658) 1,986 -

14. Intangible assets ......................................................................................... 1,590 1,703 (113) -6.6% 14.1. Gross amount ......................................................................................... 5,463 5,165 298 - 14.2. Impairments and depreciation ............................................................... (3,873) (3,462) (411) -



16. Current income tax assets ........................................................................... 1,301 1,314 (13) -1.0%

17. Deferred income tax assets ......................................................................... 5,092 23,440 (18,348) -78.3%



19.2. Other assets ............................................................................................ 10,494 147,946 (137,452) -

19.3. Impairments ........................................................................................... (1,753) (57,899) 56,146 - Total Assets 2,226,348 2,266,021 (39,673) -1.8%






2. Financial liabilities held for trading ............................................................. - 102,360 (102,360) -100.0%


4. Deposits from other credit institutions ....................................................... 503,613 502,186 1,427 0.3%


6. Debt securities issued ................................................................................. 1,766 35,647 (33,881) -95.0%


8. Hedging derivatives .................................................................................... 163,217 - 163,217 -


10. Provisions ................................................................................................... - - - -


12. Current income tax liabilities ...................................................................... 8,625 959 7,666 799.4%

13. Deferred income tax liabilities .................................................................... 10,724 10,561 163 1.5%


15. Other subordinated liabilities ..................................................................... 127,367 127,065 302 0.2%

16. Other liabilities ........................................................................................... 17,053 84,231 (67,178) -79.8% 16.1. Creditors for direct insurance and reinsurance ...................................... - - - -

16.2. Other liabilities ....................................................................................... 17,053 84,231 (67,178) -


Equity

17. Share capital............................................................................................... 150,000 150,000 - 0.0%

18. Share premiums ......................................................................................... 25,000 25,000 - 0.0%


20. Treasury stock ............................................................................................ (12,150) (9,649) (2,501) -25.9%

21. Revaluation reserves .................................................................................. 9,291 (8,443) 17,734 210.0%

22. Other reserves and retained earnings ......................................................... 199,721 199,294 427 0.2%



25. Minority interests ....................................................................................... 251 237 14 5.9%

Total Equity 383,962 362,695 21,267 5.9%






1. Interest and similar income ................................................................................. 118,359 117,763 596 - 2. Interest and similar expense................................................................................ 45,527 44,416 1,111 -

3. Net interest income ...................................................................... 72,832 73,347 (515) -0.7% 4. Income from equity instruments ......................................................................... - 2 (2) - 5. Fee and commission income ............................................................................... 9,874 10,188 (314) - 6. Fee and commission expenses ............................................................................ (1,138) (1,966) 828 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (33,637) (47,299) 13,662 - 8. Net gains from available-for-sale financial assets ................................................ 57,337 55,978 1,359 - 9. Net gains from foreign exchange differences ...................................................... (1,882) 491 (2,373) -

10. Net gains from sale of other assets ..................................................................... (729) (631) (98) - 11. Premiums net of reinsurance .............................................................................. - - - - 12. Claim costs net of reinsurance............................................................................. - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. (1,523) (913) (610) -

15. Operating income ......................................................................... 101,134 89,197 11,937 13.4% 16. Personnel costs.................................................................................................... 10,771 11,219 (448) - 17. General administrative expenses ........................................................................ 10,638 11,063 (425) - 18. Depreciation and amortization ............................................................................ 1,556 1,466 90 - 19. Provisions net of reversals ................................................................................... 4,573 19 4,554 - 20. Credit impairment net of reversals ...................................................................... 12,621 45,968 (33,347) - 21. Impairment on other financial assets net of reversals......................................... 24,867 1,859 23,008 - 22. Impairment on other assets net of reversals ....................................................... 497 140 357 - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... - - - -

25. Net income before tax and minority interests .................................. 35,611 17,463 18,148 103.9% 26. Taxes ................................................................................................................... 23,740 11,197 12,543 -

26.1. Current ....................................................................................................... 11,328 2,259 9,069 -

26.2. Deferred ..................................................................................................... 12,412 8,938 3,474 -

27. Net income after tax and before minority interests ......................... 11,871 6,266 5,605 89.5% 28. Of which: Net income after tax of discontinued operations ........................ - - - - 29. Minority interests ................................................................................................ 22 10 12 - 30. Net consolidated income for the year 11,849 6,256 5,593 89.4%



Net income for the year Attributable to equity holders .................................................................................. 11,849 6,256 5,593 89.4%

Attributable to minority interest............................................................................... 22 10 12 120.0% Available-for-sale financial assets

Gains / (losses) arising during the year ..................................................................... 23,026 (18,032) 41,058 - Reclassification adjustments for gains/ (losses) included in the profit or loss .......... - - - - Taxes .......................................................................................................................... (6,099) 4,696 (10,795) - Other movements ........................................................................................................ (377) 4,752 (5,129) - Other comprehensive income for the year .............................................................. 16,550 (8,584) 25,134 292.8% Total comprehensive income for the year 28,421 (2,318) 30,739 1,326.1%




Share Capital

Share premiums

Treasury stock

Fair value reserve

Other reserves



Minority interests


equity

Balances as at December 31st 2013 150,000 25,000 (9,649) (8,443) 199,294 6,256 237 362,695


Changes in fair value, net of taxes ... - - - 16,927 - - - 16,927 Pension fund – transitional arrangements .................................. - - - - - - - -

Exchange rate differences ................ - - - - - - - -

Net income for the year ......................... - - - - - 11,849 14 11,863 Total gains and losses recognised in the year - - - 16,927 - 11,849 14 28,790

Capital increase ..................................... - - - - - - - -

Issue of other capital instruments ......... - - - - - - - -

Transfer to reserves ............................... - - - - 6,256 (6,256) - -

Dividends on ordinary shares................. - - - - - - - -

Prepaid dividends .................................. - - - - - - - -

Changes in treasury stock ...................... - - (2,501) - - - - (2,501)

Minority interests .................................. - - - - - - - -

Other movements.................................. - - - 807 (5,829) - - (5,022)

Balances as at December 31st 2014 150,000 25,000 (12,150) 9,291 199,721 11,849 251 383,962






Interest and similar expenses paid ............................................................ (48,455) (40,442) (8,013) - Fees and commissions received ................................................................ 10,234 10,538 (304) - Fees and commissions paid ....................................................................... (1,138) (1,966) 828 - Recovery of loans ...................................................................................... 2,007 1,642 365 - Contributions to pension fund .................................................................. - - - - Cash payments to employees and suppliers ............................................. (20,435) (21,943) 1,508 -

Sub-total .................................................................................................... 61,903 67,104 (5,201) - Changes in operating assets and liabilities

Deposits at central banks .......................................................................... (100,000) (111,500) 11,500 - Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. (66,669) 118,096 (184,765) - Deposits from credit institutions .............................................................. (11,487) 96,874 (108,361) - Loans and advances to customers ............................................................ (32,939) (85,770) 52,831 - Deposits from customers .......................................................................... 85,943 30,098 55,845 - Hedging derivatives .................................................................................. 54,959 (15,470) 70,429 - Other operating assets and liabilities ........................................................ 6,617 3,175 3,442 -

Net cash from operating activities before income tax ................................. (1,673) 102,607 (104,280) -101.6% Income tax paid ........................................................................................ (3,642) (2,162) (1,480) -

Net cash from operating activities .............................................................. (5,315) 100,445 (105,760) -105.3% Cash flows from investing activities

Acquisition of subsidiaries and associates ................................................ - - - - Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... - - - - Acquisition of available-for-sale financial assets ....................................... - - - - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (1,388) (657) (731) - Sale of tangible and intangible assets ....................................................... 142 60 82 -

Net cash from investing activities ............................................................... (1,246) (597) (649) -108.7% Cash flows from financing activities

Capital increase ......................................................................................... - - - - Issue of bonds and other debt securities .................................................. - 400 (400) - Reimbursement of bonds and other debt securities ................................. (34,041) (63,215) 29,174 - Issue / reimbursement of subordinated liabilities .................................... (10,390) (15,950) 5,560 - Treasury stock ........................................................................................... (3,015) (3,671) 656 - Dividends paid .......................................................................................... (4,139) - (4,139) -

Net cash from financing activities ............................................................... (51,585) (82,436) 30,851 37.4% Net changes in cash and cash equivalents ................................................... (58,146) 17,412 (75,558) -433.9%

Cash and cash equivalents at the beginning of the year ........................... 133,071 119,497 13,574 - Effect of exchange rate changes on cash and cash equivalents ................ 2,306 (3,838) 6,144 -



II.6. Banco Invest Group

Banco Invest Group



Banco Invest, S.A.

Invest Gestão de Activos - SGFIM, S.A.

Fundo Tejo AR Finance 1, plc IrelandFundo de Titularização Créditos - AR Finance 1 Saldanha Holdings Ltd Malta

International

BANKING

ASSET MANAGEMENT


Banco Invest Group


Banc

o In

vest

Grou

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Bank

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ctiv

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Oth

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Bank

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and

Oth

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Banco Invest Group








5. Available-for-sale financial assets ............................................................... 262,055 236,107 25,948 11.0% 5.1. Gross amount ........................................................................................... 265,657 239,672 25,985 - 5.2. Impairments ............................................................................................. (3,602) (3,565) (37) -

6. Loans and advances to credit institutions .................................................... 3,400 - 3,400 - 6.1. Gross amount ........................................................................................... 3,400 - 3,400 - 6.2. Impairments ............................................................................................. - - - -

7. Loans and advances to customers ............................................................... 185,346 175,112 10,234 5.8% 7.1. Gross amount ........................................................................................... 218,089 206,182 11,907 - 7.2. Impairments ............................................................................................. (32,743) (31,070) (1,673) -

8. Held-to-maturity investments ..................................................................... 77,280 63,787 13,493 21.2% 8.1. Gross amount ........................................................................................... 77,280 63,787 13,493 - 8.2. Impairments ............................................................................................. - - - -



11. Non-current assets held for sale ................................................................. 30,156 31,984 (1,828) -5.7% 11.1. Gross amount ......................................................................................... 39,285 39,970 (685) - 11.2. Impairments ........................................................................................... (9,129) (7,986) (1,143) -

12. Investment properties ................................................................................ 4,090 4,007 83 2.1%

13. Other tangible assets .................................................................................. 1,999 2,378 (379) -15.9% 13.1. Gross amount ......................................................................................... 6,103 6,061 42 - 13.2. Impairments and depreciation ............................................................... (4,104) (3,683) (421) -

14. Intangible assets ......................................................................................... 126 270 (144) -53.3% 14.1. Gross amount ......................................................................................... 1,989 1,891 98 - 14.2. Impairments and depreciation ............................................................... (1,863) (1,621) (242) -



16. Current income tax assets ........................................................................... - 1,065 (1,065) -100.0%

17. Deferred income tax assets ......................................................................... 7,663 7,852 (189) -2.4%


19. Other assets ............................................................................................... 5,251 5,816 (565) -9.7% 19.1. Debtors for direct insurance and reinsurance ceded .............................. - - - -

19.2. Other assets ............................................................................................ 5,251 5,816 (565) -

19.3. Impairments ........................................................................................... - - - - Total Assets 645,759 595,172 50,587 8.5%

Banco Invest Group





2. Financial liabilities held for trading ............................................................. 494 386 108 28.0%




6. Debt securities issued ................................................................................. 24,858 31,956 (7,098) -22.2%




10. Provisions ................................................................................................... 500 600 (100) -16.7%


12. Current income tax liabilities ...................................................................... 2,622 68 2,554 3.755.9%

13. Deferred income tax liabilities .................................................................... 2,914 828 2,086 251.9%






Equity

17. Share capital .............................................................................................. 59,500 59,500 - 0.0%

18. Share premiums ......................................................................................... - - - -


20. Treasury stock ............................................................................................ - - - -

21. Revaluation reserves .................................................................................. 9,943 2,939 7,004 238.3%


23. Net income for the year .............................................................................. 4,833 24,631 (19,798) -80.4%


25. Minority interests ....................................................................................... 850 1,043 (193) -18.5%

Total Equity 104,422 92,778 11,644 12.6%


Banco Invest Group




1. Interest and similar income ................................................................................. 20,313 21,064 (751) - 2. Interest and similar expense ............................................................................... 7,736 10,359 (2,623) -

3. Net interest income ...................................................................... 12,577 10,705 1,872 17,5% 4. Income from equity instruments ......................................................................... - 23 (23) - 5. Fee and commission income ............................................................................... 2,428 2,099 329 - 6. Fee and commission expenses ............................................................................ (442) (466) 24 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 2,733 1,991 742 - 8. Net gains from available-for-sale financial assets................................................ 5,996 2,824 3,172 - 9. Net gains from foreign exchange differences ...................................................... 561 285 276 -

10. Net gains from sale of other assets ..................................................................... (939) (452) (487) - 11. Premiums net of reinsurance .............................................................................. - - - - 12. Claim costs net of reinsurance ............................................................................ - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. 185 34,217 (34,032) -

15. Operating income ......................................................................... 23,099 51,226 (28,127) -54,9% 16. Personnel costs ................................................................................................... 5,068 4,882 186 - 17. General administrative expenses ........................................................................ 4,607 4,202 405 - 18. Depreciation and amortization ............................................................................ 706 854 (148) - 19. Provisions net of reversals ................................................................................... - 100 (100) - 20. Credit impairment net of reversals ...................................................................... 2,599 15,413 (12,814) - 21. Impairment on other financial assets net of reversals ........................................ 581 (367) 948 - 22. Impairment on other assets net of reversals ....................................................... 1,138 4,235 (3,097) - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... - - - -

25. Net income before tax and minority interests.................................. 8,400 21,907 (13,507) -61,7% 26. Taxes ................................................................................................................... 3,546 (2,725) 6,271 -

26.1. Current ....................................................................................................... 2,968 421 2,547 -

26.2. Deferred ..................................................................................................... 578 (3,146) 3,724 -

27. Net income after tax and before minority interests ......................... 4,854 24,632 (19,778) -80,3% 28. Of which: Net income after tax of discontinued operations ....................... - - - - 29. Minority interests ................................................................................................ 21 1 20 - 30. Net consolidated income for the year 4,833 24,631 (19,798) -80,4%



Net income for the year Attributable to equity holders ..................................................................................... 4,833 24,631 (19,798) -80,4%

Attributable to minority interest ................................................................................. 21 1 20 2.000,0% Available-for-sale financial assets Gains / (losses) arising during the year ........................................................................ 8,949 3,747 5,202 - Reclassification adjustments for gains/ (losses) included in the profit or loss............. - - - - Taxes ............................................................................................................................ (1,945) (962) (983) - Other movements ........................................................................................................... - - - - Other comprehensive income for the year ................................................................ 7,004 2,785 4,219 151,5% Total comprehensive income for the year 11,858 27,417 (15,559) -56,7%

Banco Invest Group



Share Capital


Share premiums

Fair value reserve

Other reserves



Minority interests

Total shareholder

s’ equity

Balances as at December 31st 2013 59,500 - - 2,939 4,665 24,631 1,043 92,778




Exchange rate differences ........................................ - - - - - - - -

Net income for the year................................................. - - - - - 4,833 - 4,833

Total gains and losses recognised in the year - - - - - 4,833 - 4,833



Transfer to reserves ....................................................... - - - 7,004 24,631 (24,631) - 7,004




Minority interests .......................................................... - - - - - - (193) (193)

Other movements ......................................................... - - - - - - - -

Balances as at December 31st 2014 59,500 - - 9,943 29,296 4,833 850 104,422

Banco Invest Group




Cash flows from operating activities Interest and commissions received .......................................................... 22,472 21,466 1,006 -

Interest and commissions paid ................................................................. (7,895) (10,102) 2,207 - Fees and comissions received/paid .......................................................... 776 (1,712) 2,488 - Recovery of loans ..................................................................................... - - - - Contributions to pension fund.................................................................. - - - - Cash payments to employees and suppliers ............................................. (9,977) (9,010) (967) -

Sub-total .................................................................................................... 5,376 641 4,735 - Changes in operating assets and liabilities

Deposits at central banks ......................................................................... (5,000) (7,500) 2,500 - Financial assets and liabilities at fair value through profit or loss ............ (910) 20,680 (21,590) - Loans and advances to credit institutions ................................................ (3,400) - (3,400) - Deposits from credit institutions .............................................................. (2,919) (1,866) (1,053) - Loans and advances to customers ............................................................ (12,009) 8,846 (20,855) - Deposits from customers ......................................................................... 44,120 51,051 (6,931) - Hedging derivatives .................................................................................. - - - - Other operating assets and liabilities ....................................................... (583) (71,272) 70,689 -

Net cash from operating activities before income tax ................................. 24,675 579 24,096 4,161.8% Income tax paid ........................................................................................ 788 (1,841) 2,629 -

Net cash from operating activities .............................................................. 25,463 (1,262) 26,725 2,117.5% Cash flows from investing activities

Acquisition of subsidiaries and associates ................................................ - - - - Divestment of subsidiaries and associates ............................................... - - - - Dividends received ................................................................................... - - - - Acquisition of available-for-sale financial assets ...................................... (14,620) (27,113) 12,493 - Sale of available-for-sale financial assets ................................................. - - - - Held-to-maturity investments .................................................................. (13,493) 24,286 (37,779) - Acquisition of tangible and intangible assets ........................................... - - - - Sale of tangible and intangible assets ....................................................... 126 (110) 236 -

Net cash from investing activities ............................................................... (27,987) (2,937) (25,050) -852.9% Cash flows from financing activities

Capital increase ........................................................................................ - - - - Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................ - - - - Issue / reimbursement of subordinated liabilities .................................... - - - - Treasury stock .......................................................................................... - - - - Dividends paid .......................................................................................... - - - -

Net cash from financing activities ............................................................... - - - - Net changes in cash and cash equivalents ................................................... (2,524) (4,199) 1,675 39.9%

Cash and cash equivalents at the beginning of the year ........................... 11,928 16,128 (4,200) - Effect of exchange rate changes on cash and cash equivalents ................ - - - -

Net changes in cash and cash equivalents ................................................... (2,524) (4,199) 1,675 39.9% Cash and cash equivalents at the end of the year 9,404 11,928 (2,524) -21.2%



II.7. Banif – Financial Group

Banif – Financial Group



Banif - Banco Internacional do Funchal, S.A. Banif - Banco Internacional do Funchal (Brasil), S.A. BrazilBanco Banif Mais, S.A. Banif International Bank, Ltd Bahamas

Banif Bank (Malta) PLC MaltaBanco Caboverdiano de Negócios S.A. Cape VerdeBanif Plus Bank ZRT Hungary

Banif - Banco de Investimento, S.A. Banif - Banco de Investimento (Brasil), SA Brazil

Banif Gestão Activos - Soc. Gestora de Fundos de Investimento Mobiliario, S.A. Banif International Asset Management Ltd. Cayman IslandsBanif Açor Pensões - Soc. Gestora Fundos Pensões, S.A. Banif Multifund Ltd. Cayman IslandsBanif Capital - Soc. de Capital. de Risco S.A. Banif Gestão de Activos (Brasil), S.A. BrazilGamma - Soc. Titularização de Créditos, S.A. Banif Holding (Malta) PLC MaltaBanif Mais, SGPS, SA

Investaçor, SGPS, S.A. Banif Internacional Holdings, Ltd Cayman IslandsBanif Securities Holding, Ltd Cayman Islands

Margem Mediação de Seguros, Lda

Banif Finance, Ltd. Banif Finance (USA) corp. USABanif & Comercial Açores, Inc San José Banif Forfaiting Company, Ltd. BahamasBanif & Comercial Açores, Inc Fall River Banif Securities, Inc. USA

Investaçor Hoteis S.A. Banif - Banco Internacional do Funchal (Cayman) Ltd Cayman IslandsAçortur Investimentos Turísticos dos Açores, S.A. Banif Financial Services, Inc USATurotel, Turismo e Hoteis dos Açores, S.A. Banif ( Brasil), Ltd. BrazilInvestimentos Turísticos e Similares e Apart-Hotel Pico Lda. Beta Securitizadora BrazilBanif Rent - Aluguer Gestão e Comercio de Veículos Automóveis Banif Real Estate Polska PolandBanif - Imobiliária, S.A. Tiner Polska PolandSociedade Imobiliária Piedade, S.A. Achala BrazilGestarquipark Komodo USAWorldvilas Santa Ester S.A. BrazilWil Pitchecia Participações Brazil

Banif Real Estate Brasil Brazil



International

BANKING


ASSET MANAGEMENT

HOLDING COMPANIES



Bani

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3. Financial assets held for trading ................................................................. 65,082 40,086 24,996 62.4%

4. Other financial assets at fair value through profit or loss ............................ 48,814 73,686 (24,872) -33.8%

5. Available-for-sale financial assets ............................................................... 1,960,821 1,782,041 178,780 10.0% 5.1. Gross amount ............................................................................................ 2,053,422 1,833,427 219,995 - 5.2. Impairments .............................................................................................. (92,601) (51,386) (41,215) -

6. Loans and advances to credit institutions ................................................... 250,767 117,487 133,280 113.4% 6.1. Gross amount ............................................................................................ 253,667 117,520 136,147 - 6.2. Impairments .............................................................................................. (2,900) (33) (2,867) -

7. Loans and advances to customers .............................................................. 6,854,997 7,969,025 (1,114,028) -14.0% 7.1. Gross amount ............................................................................................ 7,905,655 9,129,242 (1,223,587) - 7.2. Impairments .............................................................................................. (1,050,658) (1,160,217) 109,559 -

8. Held-to-maturity investments .................................................................... 5,461 12,081 (6,620) -54.8% 8.1. Gross amount ............................................................................................ 5,461 12,081 (6,620) - 8.2. Impairments .............................................................................................. - - - -

9. Assets with repurchase agreements ........................................................... 26,901 - 26,901 -

10. Hedging derivatives ................................................................................... - - - -

11. Non-current assets held for sale ................................................................. 2,154,661 1,606,951 547,710 34.1% 11.1. Gross amount .......................................................................................... 2,236,967 1,655,431 581,536 - 11.2. Impairments ............................................................................................ (82,306) (48,480) (33,826) -

12. Investment properties................................................................................ 736,544 827,576 (91,032) -11.0%

13. Other tangible assets ................................................................................. 207,345 247,689 (40,344) -16.3% 13.1. Gross amount .......................................................................................... 371,308 428,878 (57,570) - 13.2. Impairments and depreciation ................................................................ (163,963) (181,189) 17,226 -

14. Intangible assets ........................................................................................ 13,413 17,076 (3,663) -21.5% 14.1. Gross amount .......................................................................................... 76,974 80,389 (3,415) - 14.2. Impairments and depreciation ................................................................ (63,561) (63,313) (248) -

15. Investments in associates and subsidiaries excluded from consolidated accounts .................................................................................................... 146,308 129,630 16,678 12.9%

15.1. Gross amount .......................................................................................... 146,308 129,630 16,678 - 15.2. Impairments ............................................................................................ - - - -


17. Deferred income tax assets ........................................................................ 266,204 240,447 25,757 10.7%

18. Technical provisions for reinsurance ceded ................................................ - - - -


19.2. Other assets ............................................................................................ 234,343 259,140 (24,797) -

19.3. Impairments ............................................................................................ (64,428) (61,960) (2,468) - Total Assets 13,125,494 13,603,492 (477,998) -3.5%







3. Other liabilities at fair value through profit or loss ...................................... 12,795 12,393 402 3.2%



6. Debt securities issued ................................................................................. 1,645,607 1,258,070 387,537 30.8%



9. Non-current liabilities held for sale ............................................................. 1,130,021 994,338 135,683 13.6%

10. Provisions ................................................................................................... 10,925 13,365 (2,440) -18.3%



13. Deferred income tax liabilities .................................................................... 66,216 48,369 17,847 36.9%

14. Equity instruments ..................................................................................... 130,158 260,058 (129,900) -50.0%

15. Other subordinated liabilities ..................................................................... 181,557 154,318 27,239 17.7%




Equity

17. Share capital............................................................................................... 1,720,700 1,582,195 138,505 8.8%

18. Share premiums ......................................................................................... 199,765 199,765 - 0.0%


20. Treasury stock ............................................................................................ (3) (6) 3 50.0%


22. Other reserves and retained earnings ......................................................... (952,246) (483,031) (469,215) 97.1%

23. Net income for the year .............................................................................. (295,361) (470,273) 174,912 37.2%


25. Minority interests ....................................................................................... 69,173 69,697 (524) -0.8%

Total Equity 803,486 879,573 (76,087) -8.7%




Demonstração de resultados consolidada52 31-Dec-14 31-Dec-13 Change 2014 – 2013


1. Juros e rendimentos similares ............................................................................. 369,374 491,200 (121,826) - 2. Juros e encargos similares ................................................................................... 284,847 366,538 (81,691) -

3. Margem financeira ........................................................................ 84,527 124,662 (40,135) -32.2% 4. Rendimentos de instrumentos de capital ............................................................ 788 2,447 (1,659) - 5. Rendimentos de serviços e comissões ................................................................. 81,407 94,694 (13,287) - 6. Encargos com serviços e comissões ..................................................................... (16,756) (22,271) 5,515 -

7. Resultados de activos e passivos avaliados ao justo valor através de resultados ............................................................................................................ (12,799) (5,665) (7,134) -

8. Resultados de activos financeiros disponíveis para venda .................................. 114,198 37,820 76,378 - 9. Resultados de reavaliação cambial ...................................................................... (2,538) (1,276) (1,262) -

10. Resultados de alienação de outros activos .......................................................... 25,491 (16,361) 41,852 - 11. Prémios líquidos de resseguro ............................................................................. - - - - 12. Custos com sinistros líquidos de resseguro ......................................................... - - - - 13. Variação das provisões técnicas líquidas de resseguro ........................................ - - - - 14. Outros resultados de exploração ......................................................................... (66,330) (19,937) (46,393) -

15. Produto da actividade ................................................................... 207,988 194,113 13,875 7.1% 16. Custos com pessoal ............................................................................................. 128,195 128,310 (115) - 17. Gastos gerais administrativos .............................................................................. 55,394 82,335 (26,941) - 18. Amortizações do exercício ................................................................................... 18,717 26,129 (7,412) - 19. Provisões líquidas de reposições e anulações ..................................................... (1,264) 180 (1,444) - 20. Imparidade do crédito líquida de reversões e recuperações ............................... 171,837 298,323 (126,486) - 21. Imparidade de outros activos financ. líquida de reversões e recuperações ........ 41,951 7,418 34,533 - 22. Imparidade de outros activos líquida de reversões e recuperações .................... 59,314 60,178 (864) - 23. Diferenças de consolidação negativas ................................................................. - - - -

24. Resultados de associadas e empreendimentos conjuntos (equivalência patrimonial) ......................................................................................................... (22,391) 826 (23,217) -

25. Resultado antes de impostos e de interesses minoritários .............. (288,547) (407,934) 119,387 29.3% 26. Impostos .............................................................................................................. (12,513) (34,779) 22,266 -

26.1. Correntes .................................................................................................... 7,780 14,468 (6,688) -

26.2. Diferidos ..................................................................................................... (20,293) (49,247) 28,954 -

27. Resultado após impostos antes de interesses minoritários ............. (276,034) (373,155) 97,121 26.0% 28. Resultado de operações descontinuadas ............................................................ 18,252 96,869 (78,617) - 29. Minority interests ................................................................................................ 1,075 249 826 - 30. Net income for the year (295,361) (470,273) 174,912 37.2%



Net income for the year Attributable to equity holders ..................................................................................... (294,286) (470,522) 176,236 37.5%

Attributable to minority interest ................................................................................. (1,075) (249) (826) 331.7% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 128,551 3,581 124,970 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. 2,186 - 2,186 - Taxes ............................................................................................................................ (34,757) (2,077) (32,680) - Other movements ........................................................................................................... (17,735) (18,137) 402 - Other comprehensive income for the year ................................................................ 78,245 (16,633) 94,878 570.4% Total comprehensive income for the year (217,116) (487,404) 270,288 55.5%

52 This consolidated Income statement is in accordance with the format in Banif – Banco Internacional do Funchal, S.A.’s annual report.





Share premiums

Treasury stock

Fair value reserve

Other reserves and

retained earnings


Minority interests


equity

Balances as at December 31st 2013 1,582,195 - 199,765 (6) (18,774) (483,031) (470,273) 69,697 879,573


Changes in fair value, net of taxes ..... - - - - 83,660 - - - 83,660 Pension fund – transitional arrangements .................................... - - - - - - - - -

Exchange rate differences .................. - - - - (4,340) - - - (4,340)

Net income for the year ........................... - - - - - - (295,361) (1,075) (296,436) Total gains and losses recognised in the year - - - - 79,320 - (295,361) (1,075) (217,116)

Capital increase ....................................... 138,505 - - - - (306) - - 138,199

Issue of other capital instruments ........... - - - - - - - - -

Transfer to reserves ................................. - - - - - (470,273) 470,273 - -

Dividends on ordinary shares................... - - - - - - - - -

Prepaid dividends .................................... - - - - - - - - -

Changes in treasury stock ........................ - - - 3 - - - - 3

Minority interests .................................... - - - - - - - 551 551

Other movements.................................... - - - - 912 1,364 - - 2,276

Balances as at December 31st 2014 1,720,700 - 199,765 (3) 61,458 (952,246) (295,361) 69,173 803,486



Consolidated cash flow statements 53 31-Dec-14 31-Dec-13 Change 2014 – 2013


Operating activities Operating results Net income for the year ............................................................................................... (295,361) (470,273) 174,912 -

Net income on discontinued operations ...................................................................... 18,252 96,869 (78,617) - Credit impairment ....................................................................................................... 171,837 298,323 (126,486) - Other impairment losses ............................................................................................. 101,265 67,596 33,669 - Provisions for the period ............................................................................................. (1,264) 180 (1,444) - Amortisations and depreciation for the period ........................................................... 18,717 26,129 (7,412) - Allocation to taxes for the period ................................................................................ (12,513) (34,779) 22,266 - Minority interests ........................................................................................................ 1,075 249 826 - Derivatives (net) .......................................................................................................... (38,101) 474 (38,575) - Net gains from companies excluded from consolidated accounts ............................... 22,391 (826) 23,217 - Dividend income .......................................................................................................... (788) (2,447) 1,659 - Interest paid on subordinated liabilities ...................................................................... 12,267 12,749 (482) - Interest paid on securities representing equity ........................................................... 15,519 30,567 (15,048) - Unrealised gains on investment properties .................................................................

78,239 50,890 27,349 - Sub-total .................................................................................................................. 91,535 75,701 15,834 - Changes in operating assets and liabilities

(Increase) / decrease in financial assets held for trading ............................................. 7,311 148 7,163 - (Increase) / decrease in finan. assets at fair value through profit or loss .................... (42) 4,949 (4,991) - (Increase) / decrease in available-for-sale financial assets .......................................... (99,505) (1,081,439) 981,934 - (Increase) / decrease in loans and advances to other credit institutions ..................... (104,540) 229,437 (333,977) - (Increase) / decrease in held-to-maturity investments ................................................ 6,620 13,656 (7,036) - Increase in loans and advances to customers .............................................................. 360,564 847,867 (487,303) - (Increase) / decrease in non-current assets held for sale ............................................ (80,184) (237,252) 157,068 - (Increase) / decrease in assets with repurchase agreements ...................................... (26,901) - (26,901) - (Increase) / decrease in other assets ........................................................................... (53,110) (156,942) 103,832 - Contribution to pension fund ...................................................................................... (16,897) - (16,897) - Decrease / (increase) in deposits from central banks .................................................. (1,565,519) 286,328 (1,851,847) - Decrease / (increase) in financial liabilities held for trading ........................................ 7,432 (2,419) 9,851 - Decrease / (increase) in other financial liabilities at fair value through profit or loss .. 402 (639) 1,041 - Decrease / (increase) in deposits from other credit institutions .................................. 534,787 (293,188) 827,975 - Decrease / (increase) in deposits from customers ....................................................... 197,785 (929,498) 1,127,283 - Decrease / (increase) in debt securities issued ............................................................ 564,337 (41,722) 606,059 - Decrease / (increase) in other liabilities....................................................................... 22,855 39,623 (16,768) - Contribution for seniority premium ............................................................................. (630) - (630) - Contribution for SAMS health system .......................................................................... (152) - (152) -

Sub-total .................................................................................................................. (245,387) (1,321,091) 1,075,704 - Net cash from operating activities ................................................................................ (153,852) (1,245,390) 1,091,538 87.6% Investing activities

Acquisition of tangible assets ...................................................................................... (1,882) (3,055) 1,173 - Sale of tangible assets .................................................................................................. 3,195 3,926 (731) - Acquisition of intangible assets ................................................................................... (2,796) (1,661) (1,135) - Sale of intangible assets ............................................................................................... - 2,550 (2,550) - Acquisition of investment properties .......................................................................... (6,896) (13,177) 6,281 - Sale of investment properties ...................................................................................... 40,004 63,866 (23,862) - Dividends received....................................................................................................... 788 2,447 (1,659) -

Net cash from investing activities ................................................................................. 32,413 54,896 (22,483) -41.0% Financing activities

Capital increase ........................................................................................................... 138,505 940,700 (802,195) - Investment in investment funds .................................................................................. - (6,947) 6,947 - Buy back of own shares ............................................................................................... 3 118 (115) - Issue of subordinated liabilities ................................................................................... 30,233 - 30,233 - Reimbursement of subordinated liabilities .................................................................. (7,663) (26,042) 18,379 - Interest paid on subordinated liabilities ...................................................................... (12,267) (12,749) 482 - Issue of non-subordinated bonds ................................................................................ - 40,000 (40,000) - Reimbursement of non-subordinated bonds ............................................................... - (40,000) 40,000 - Equity instruments ....................................................................................................... - 400,000 (400,000) - Reimbursement of equity instruments ........................................................................ (125,000) (150,000) 25,000 - Interest paid on equity instruments ............................................................................ (15,519) (22,518) 6,999 -

Net cash from financing activities ................................................................................ 8,292 1,122,562 (1,114,270) -99.3% Net cash from operating activities of discontinued operations ..................................... (30,832) 24,069 (54,901) -228.1% Net cash from discontinued operations of investment activity ..................................... 3,275 (4,538) 7,813 172.2% Net changes in cash and cash equivalents .................................................................... (140,704) (48,401) (45,215) -190.7%

Cash and cash equivalents at the beginning of the year .............................................. 348,119 394,198 (46,079) -11.7% Foreign exchange effect in cash and cash equivalents.............................. (3,685) 2,322 (6,007) -258.7% Cash and cash equivalents at the end of the year ....................................................... 203,730 348,119 (144,389) -41.5%

Net changes in cash and cash equivalents (140,704) (48,401) (98,310) -190.7%



II.8. Caixa Económica Montepio Geral Group

Caixa Económica Montepio Geral Group



Caixa Económica Montepio Geral MG Cabo Verde Cape VerdeMontepio Investimento, S.A. Finibanco Angola AngolaMontepio Crédito SA Banco Terra, SA Mozambique

Montepio Valor, SA

Montepio Holding SGPS, SA

Montepio Seguros, SA

HTA - Hotéis, Turismo e Animação dos AçoresMontepio Recuperação Crédito, ACEMontepio Gestão Activos Imobiliários, ACE

OTHER INVESTMENTS

International

BANKING

ASSET MANAGEMENT

HOLDING COMPANIES




Caix

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Mon

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Bank

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Bank

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4. Other financial assets at fair value through profit or loss ............................. - 3,450 (3,450) -100.0%

5. Available-for-sale financial assets ............................................................... 3,589,673 4,545,816 (956,143) -21.0% 5.1. Gross amount ........................................................................................... 3,645,436 4,585,083 (939,647) - 5.2. Impairments ............................................................................................. (55,763) (39,267) (16,496) -

6. Loans and advances to credit institutions .................................................... 546,162 330,063 216,099 65.5% 6.1. Gross amount ........................................................................................... 546,475 330,873 215,602 - 6.2. Impairments ............................................................................................. (313) (810) 497 -

7. Loans and advances to customers ............................................................... 15,228,739 15,555,141 (326,402) -2.1% 7.1. Gross amount ........................................................................................... 16,612,095 16,606,667 5,428 - 7.2. Impairments ............................................................................................. (1,383,356) (1,051,526) (331,830) -

8. Held-to-maturity investments ..................................................................... 120,101 34,631 85,470 246.8% 8.1. Gross amount ........................................................................................... 120,101 34,631 85,470 - 8.2. Impairments ............................................................................................. - - - -


10. Hedging derivatives .................................................................................... 60 503 (443) -88.1%

11. Non-current assets held for sale ................................................................. 799,739 681,388 118,351 17.4% 11.1. Gross amount ......................................................................................... 934,230 773,539 160,691 - 11.2. Impairments ........................................................................................... (134,491) (92,151) (42,340) -

12. Investment properties ................................................................................ 715,737 543,534 172,203 31.7%

13. Other tangible assets .................................................................................. 98,931 120,492 (21,561) -17.9% 13.1. Gross amount ......................................................................................... 274,516 285,639 (11,123) - 13.2. Impairments and depreciation ............................................................... (175,585) (165,147) (10,438) -

14. Intangible assets ......................................................................................... 66,054 59,279 6,775 11.4% 14.1. Gross amount ......................................................................................... 140,630 118,156 22,474 - 14.2. Impairments and depreciation ............................................................... (74,576) (58,877) (15,699) -


15.1. Gross amount ......................................................................................... 24,977 42,740 (17,763) - 15.2. Impairments ........................................................................................... (341) (341) - -





19.2. Other assets ............................................................................................ 354,153 183,993 170,160 -

19.3. Impairments ........................................................................................... (16,240) (11,732) (4,508) - Total Assets 22,473,474 23,039,203 (565,729) -2.5%




Liabilities

Thousands € Thousands €

Thousands € %

1. Deposits from central banks ....................................................................... 2,496,886 3,427,354 (930,468) -27.1%


3. Other liabilities at fair value through profit or loss ..................................... - - - -

4. Deposits from other credit institutions ....................................................... 1,070,156 474,497 595,659 125.5%

5. Deposits from customers ........................................................................... 14,314,659 14,142,828 171,831 1.2%

6. Debt securities issued ................................................................................ 2,146,525 2,319,428 (172,903) -7.5%

7. Financial liabilities associated with transfered assets.................................. 163,650 195,049 (31,399) -16.1%

8. Hedging derivatives ................................................................................... 1,494 1,849 (355) -19.2%


10. Provisions .................................................................................................. 20,329 8,014 12,315 153.7%


12. Current income tax liabilities ...................................................................... 3,104 1,353 1,751 129.4%




16. Other liabilities .......................................................................................... 383,576 389,186 (5,610) -1.4% 16.1. Creditors for direct insurance and reinsurance ....................................... - - - -

16.2. Other liabilities ........................................................................................ 383,576 389,186 (5,610) -


Equity

17. Share capital .............................................................................................. 1,700,000 1,700,000 - 0.0%

18. Share premiums ......................................................................................... - - - -

19. Other equity instruments ........................................................................... 8,273 8,273 - 0.0%

20. Treasury stock ............................................................................................ (3,280) - (3,280) -


22. Other reserves and retained earnings ......................................................... (148,464) 238,194 (386,658) -162.3%

23. Net income for the year ............................................................................. (186,953) (298,626) 111,673 37.4%


25. Minority interests ...................................................................................... 26,440 11,035 15,405 139.6%

Total Equity 1,414,524 1,647,343 (232,819) -14.1%






1. Interest and similar income ................................................................................. 913,710 816,030 97,680 - 2. Interest and similar expense ................................................................................ 577,204 590,783 (13,579) -

3. Net interest income ....................................................................... 336,506 225,247 111,259 49.4% 4. Income from equity instruments ......................................................................... 610 535 75 - 5. Fee and commission income ................................................................................ 135,708 143,686 (7,978) - 6. Fee and commission expenses ............................................................................. (26,142) (29,052) 2,910 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 4,204 (27,986) 32,190 - 8. Net gains from available-for-sale financial assets ................................................ 374,386 44,025 330,361 - 9. Net gains from foreign exchange differences ...................................................... 17,016 20,223 (3,207) -

10. Net gains from sale of other assets ...................................................................... (41,974) 35,479 (77,453) - 11. Premiums net of reinsurance ............................................................................... - - - - 12. Claim costs net of reinsurance ............................................................................. - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. (15,815) (34,480) 18,665 -

15. Operating income .......................................................................... 784,499 377,677 406,822 107.7% 16. Personnel costs .................................................................................................... 194,153 196,834 (2,681) - 17. General administrative expenses ......................................................................... 120,494 109,927 10,567 - 18. Depreciation and amortization ............................................................................ 27,077 33,352 (6,275) - 19. Provisions net of reversals ................................................................................... 13,226 3,196 10,030 - 20. Credit impairment net of reversals ...................................................................... 522,062 298,834 223,228 - 21. Impairment on other financial assets net of reversals ......................................... 58,931 34,022 24,909 - 22. Impairment on other assets net of reversals ....................................................... 49,008 61,282 (12,274) - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... (5,275) (12,682) 7,407 -

25. Net income before tax and minority interests .................................. (205,727) (372,452) 166,725 44.8% 26. Taxes .................................................................................................................... (20,350) (75,979) 55,629 -

26.1. Current ........................................................................................................ 18,190 9,469 8,721 -

26.2. Deferred ...................................................................................................... (38,540) (85,448) 46,908 -

27. Net income after tax and before minority interests ......................... (185,377) (296,473) 111,096 37.5% 28. Of which: Net income after tax of discontinued operations ........................ - - - - 29. Minority interests ................................................................................................ 1,576 2,153 (577) - 30. Net consolidated income for the year (186,953) (298,626) 111,673 37.4%



Net income for the year ............................................................................................ (186,953) (298,626) 111,673 37.4% Available-for-sale financial assets.................................................................................... 44,016 23,576 20,440 - Deferred taxes ................................................................................................................. (7,146) (4,778) (2,368) - Actuarial losses ................................................................................................................ (82,054) (66,227) (15,827) - Other movements ........................................................................................................... - (761) 761 - Other comprehensive income for the year ................................................................ (45,184) (48,190) 3,006 6.2% Total comprehensive income for the year (232,137) (346,816) 114,679 33.1%




Share Capital


Share premiums

Treasury stock

Fair value reserve

Other reserves


Net income for the

year

Minority interests


equity

Balances as at December 31st 2013 1,700,000 8,273 - - 3,286 223,375 (298,626) 11,035 1,647,343


Changes in fair value, net of taxes ...... - - - - 44,016 (13,218) - - 30,798

Actuarial losses .................................. - - - - - (82,054) - - (82,054)

Deferred taxes ................................... - - - - - (7,146) - - (7,146) Pension fund – transitional arrangements ..................................... - - - - - - - - -

Exchange rate differences .................. - - - - - - - 16,298 16,298

Other movements .............................. - - - - - - - - -

Net income for the year ........................... - - - - - - (186,953) 1,576 (185,377) Total gains and losses recognised in the year - - - - 44,016 (102,418) (186,953) 17,874 (227,481)

Capital increase........................................ - - - - - - - - -

Issue of other capital instruments............ - - - - - - - - -

Transfer to reserves ................................. - - - - - (298,215) 298,626 - 411

Dividends on ordinary shares ................... - - - - - - - (2,469) (2,469)


Changes in treasury stock ........................ - - - - - - - - -

Minority interests .................................... - - - - - - - - -

Other movements .................................... - - - (3,280) - - - - (3,280)

Balances as at December 31st 2014 1,700,000 8,273 - (3,280) 47,302 (177,258) (186,953) 26,440 1,414,524






Interest and similar expenses paid ............................................................ (618,707) (654,032) 35,325 - Fees and commissions received ................................................................ 73,755 209,375 (135,620) - Fees and commissions paid ....................................................................... (25,126) (22,679) (2,447) - Recovery of loans ...................................................................................... 12,561 9,015 3,546 - Contributions to pension fund .................................................................. - - - - Other payments and receipts .................................................................... - (157,902) 157,902 - Cash payments to employees and suppliers ............................................. (312,211) (240,038) (72,173) - Taxes ......................................................................................................... - - - -

Sub-total .................................................................................................... 23,343 (15,390) 38,733 -

Changes in operating assets and liabilities Deposits at central banks .......................................................................... - 1,635,000 (1,635,000) -

Loans and advances to credit institutions and customers ......................... (433,444) (323,014) (110,430) - Deposits from credit institutions ............................................................... (323,268) (151,007) (172,261) - Deposits from customers .......................................................................... 192,065 933,120 (741,055) - Other operating assets and liabilities ........................................................ 143,446 (79,497) 222,943 -

Net cash from operating activities .............................................................. (397,858) 1,999,212 (2,397,070) -119.9%

Cash flows from investing activities Acquisition of subsidiaries and associates ................................................. (22,424) (27,050) 4,626 -

Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... 610 535 75 - (Acquisition) / sale of financial assets held for trading .............................. (23,973) (5,424) (18,549) - (Acquisition) / sale of financial assets at fair value through profit or loss . 3,450 - 3,450 - Sale of hedging derivatives ....................................................................... 160 (633) 793 - Deposits held for monetary control .......................................................... 38,576 15,084 23,492 - Acquisition of available-for-sale financial assets ....................................... - (2,124,071) 2,124,071 - Sale of available-for-sale financial assets .................................................. 894,496 8,850 885,646 - Held-to-maturity investments ................................................................... (84,546) (6,955) (77,591) - Acquisition of tangible and intangible assets ............................................ (192,285) (149,299) (42,986) - Sale of tangible and intangible assets ....................................................... - 1,818 (1,818) -

Net cash from investing activities ............................................................... 614,064 (2,287,145) 2,901,209 126.8%


Issue of bonds and other debt securities .................................................. 573,597 1,515,987 (942,390) - Reimbursement of bonds and other debt securities ................................. (818,530) (1,602,688) 784,158 - Issue / reimbursement of subordinated liabilities..................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid ........................................................................................... - (1,692) 1,692 - Repurchase of participation fund .............................................................. (2,578) - (2,578) - Other equity instruments .......................................................................... - (6,727) 6,727 - Other liabilities accounts ........................................................................... 23,694 636 23,058 -


Net changes in cash and cash equivalents ................................................... (7,611) 22,583 (30,194) -133.7% Cash and cash equivalents at the beginning of the year ........................... 414,002 391,419 22,583 - Effect of exchange rate changes on cash and cash equivalents ................ - - - -




II.9. Caixa Geral de Depósitos Group

Caixa Geral de Depósitos Group



Caixa Geral de Depósitos, S.A. Banco Caixa Geral SpainBanco Caixa Geral BrazilBNU MacaoB. Comercial do Atlântico Cape VerdeB. Interatlântico Cape VerdeMercantile Bank Hold. South AfricaParbanca, SGPS MozambiqueB. Com. Invest. MozambiquePartang, SGPS AngolaBanco Caixa Geral Totta Angola

Caixa - Banco de Investimento, S.A. A Promotora Cape VerdeGerbanca, SGPS CGD Investimentos CVC BrazilCaixa CapitalCaixa Desenvolvimento, SGPS

Caixa Gestão de Activos, SGPSCaixaGestCGD PensõesFundger

Caixa Leasing e Factoring – IFIC Promoleasing Cape VerdeLocarent

Caixatec- Tecnologias de Informação Inmobiliaria Caixa Geral SpainCaixanetImocaixa EsegurSogrupo Sistemas Informação ACESogrupo Compras e Serviços Partilhados ACESogrupo IV Gestão de Imóveis ACECaixa Imobiliário

Parcaixa, SGPS La Seda Barcelona SpainCaixa Participações, SGPS Banco Internacional São Tomé e Príncipe Sao Tome and PrincipeWolfpart, SGPSAdP Águas de Portugal, SGPSSIBSFidelidadeCibergradualVAA - Vista Alegre AtlantisYunit

AUXILIARY SERVICES

OTHER INVESTMENTS

International

BANKING


ASSET MANAGEMENT

SPECIALIZED CREDIT



Caix

a Ger

al d

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pósi

tos G

roup

Bank

ingA

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ities

Oth

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ies

Bank

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ities

and

Oth

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es





1. Cash and deposits at central banks ............................................................ 2,118,028 1,545,339 572,689 37.1%

2. Deposits at other credit institutions ........................................................... 878,298 1,036,504 (158,206) -15.3%

3. Financial assets held for trading ................................................................. 2,250,918 1,956,688 294,230 15.0%

4. Other financial assets at fair value through profit or loss ............................ 822,658 1,257,063 (434,405) -34.6%

5. Available-for-sale financial assets .............................................................. 15,898,392 15,582,154 316,238 2.0% 5.1. Gross amount ........................................................................................... 16,212,015 15,826,038 385,977 - 5.2. Impairments ............................................................................................. (313,623) (243,884) (69,739) -

6. Loans and advances to credit institutions ................................................... 2,133,665 1,774,802 358,863 20.2% 6.1. Gross amount ........................................................................................... 2,145,482 1,786,798 358,684 - 6.2. Impairments ............................................................................................. (11,817) (11,996) 179 -

7. Loans and advances to customers .............................................................. 66,863,572 70,074,461 (3,210,889) -4.6% 7.1. Gross amount ........................................................................................... 72,093,864 74,586,872 (2,493,008) - 7.2. Impairments ............................................................................................. (5,230,292) (4,512,411) (717,881) -

8. Held-to-maturity investments .................................................................... - - - - 8.1. Gross amount ........................................................................................... - - - - 8.2. Impairments ............................................................................................. - - - -

9. Assets with repurchase agreements ........................................................... 1,281,126 705,636 575,490 81.6%

10. Hedging derivatives ................................................................................... 78,008 45,458 32,550 71.6%

11. Non-current assets held for sale ................................................................. 804,440 13,455,813 (12,651,373) -94.0% 11.1. Gross amount ......................................................................................... 1,180,538 13,790,368 (12,609,830) - 11.2. Impairments ........................................................................................... (376,098) (334,555) (41,543) -

12. Investment properties ............................................................................... 1,189,246 340,055 849,191 249.7%

13. Other tangible assets ................................................................................. 666,307 621,817 44,490 7.2% 13.1. Gross amount ......................................................................................... 1,683,251 1,593,854 89,397 - 13.2. Impairments and depreciation ............................................................... (1,016,944) (972,037) (44,907) -

14. Intangible assets ........................................................................................ 161,717 193,683 (31,966) -16.5% 14.1. Gross amount ......................................................................................... 827,748 798,395 29,353 - 14.2. Impairments and depreciation ............................................................... (666,031) (604,712) (61,319) -


15.1. Gross amount ......................................................................................... 318,846 42,311 276,535 - 15.2. Impairments ........................................................................................... - - - -


17. Deferred income tax assets ........................................................................ 1,425,181 1,377,932 47,249 3.4%

18. Technical provisions for reinsurance ceded ................................................ - 5,547 (5,547) -100.0%

19. Other assets .............................................................................................. 3,206,685 2,819,339 387,346 13.7% 19.1. Debtors for direct insurance and reinsurance ceded .............................. - - - -

19.2. Other assets ............................................................................................ 3,442,141 3,054,586 387,555 -

19.3. Impairments ........................................................................................... (235,456) (235,247) (209) - Total Assets 100,152,034 112,962,840 (12,810,806) -11.3%






2. Financial liabilities held for trading ............................................................. - - - -

3. Other liabilities at fair value through profit or loss ...................................... 2,121,127 1,644,832 476,295 29.0%



6. Debt securities issued ................................................................................. 7,174,478 8,791,387 (1,616,909) -18.4%



9. Non-current liabilities held for sale ............................................................. 1,917 11,590,700 (11,588,783) -100.0%

10. Provisions ................................................................................................... 841,658 881,244 (39,586) -4.5%

11. Technical provisions ................................................................................... - 10,108 (10,108) -100.0%




15. Other subordinated liabilities ..................................................................... 2,427,905 2,523,700 (95,795) -3.8%

16. Other liabilities ........................................................................................... 3,527,392 2,831,807 695,585 24.6% 16.1. Creditors for direct insurance and reinsurance ...................................... - - - -

16.2. Other liabilities ....................................................................................... 3,527,392 2,831,807 695,585 -


Equity

17. Share capital............................................................................................... 5,900,000 5,900,000 - 0.0%

18. Share premiums ......................................................................................... - - - -


20. Treasury stock ............................................................................................ - - - -


22. Other reserves and retained earnings ......................................................... (437,937) 409,739 (847,676) -206.9%



25. Minority interests ....................................................................................... 966,931 1,024,139 (57,208) -5.6%

Total Equity 6,492,760 6,821,167 (328,407) -4.8%







3. Net interest income ...................................................................... 988,735 858,261 130,474 15.2% 4. Income from equity instruments ......................................................................... 49,554 72,483 (22,929) - 5. Fee and commission income ............................................................................... 659,055 680,087 (21,032) - 6. Fee and commission expenses ............................................................................ (144,039) (158,044) 14,005 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 22,273 (2,700) 24,973 - 8. Net gains from available-for-sale financial assets ................................................ 344,334 134,760 209,574 - 9. Net gains from foreign exchange differences ...................................................... (2,740) 125,680 (128,420) -

10. Net gains from sale of other assets ..................................................................... (162,210) 9,406 (171,616) - 11. Premiums net of reinsurance .............................................................................. - 4,445 (4,445) - 12. Claim costs net of reinsurance ............................................................................ - (1,669) 1,669 - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. 269,390 117,527 151,863 -

15. Operating income ......................................................................... 2,024,352 1,840,236 184,116 10.0% 16. Personnel costs ................................................................................................... 729,580 792,879 (63,299) - 17. General administrative expenses ........................................................................ 487,393 469,401 17,992 - 18. Depreciation and amortization ............................................................................ 110,690 131,762 (21,072) - 19. Provisions net of reversals ................................................................................... (62,849) (1,757) (61,092) - 20. Credit impairment net of reversals ...................................................................... 854,123 817,759 36,364 - 21. Impairment on other financial assets net of reversals ........................................ - - - - 22. Impairment on other assets net of reversals ....................................................... 158,326 309,484 (151,158) - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... 19,396 5,030 14,366 -

25. Net income before tax and minority interests .................................. (233,515) (674,262) 440,747 65.4% 26. Taxes ................................................................................................................... 29,780 (163,215) 192,995 -

26.1. Current ....................................................................................................... 67,636 (6,328) 73,964 -

26.2. Deferred ..................................................................................................... (37,856) (156,887) 119,031 -

27. Net income after tax and before minority interests ......................... (263,295) (511,047) 247,752 48.5% 28. Of which: Net income after tax of discontinued operations........................ - - - - 29. Minority interests ................................................................................................ 84,749 64,738 20,011 - 30. Net consolidated income for the year (348,044) (575,785) 227,741 39.6%



Net income for the year Attributable to equity holders .................................................................................... (348,044) (575,785) 227,741 39.6%

Attributable to minority interest ................................................................................ 84,749 64,738 20,012 30.9% Available-for-sale financial assets

Gains / (losses) arising during the year ....................................................................... 853,460 418,346 435,114 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............ (284,107) (78,063) (206,044) - Taxes ........................................................................................................................... (156,273) (113,189) (43,084) - Other movements .......................................................................................................... (297,790) (154,922) (142,868) - Other comprehensive income for the year ............................................................... 115,290 72,173 43,118 59.7% Total comprehensive income for the year (148,004) (438,874) 290,870 66.3%




Share Capital


Share premiums

Treasury stock

Fair value reserve

Other reserves


Net income for the

year

Minority interests


equity

Balances as at December 31st 2013 5,900,000 - - - 63,947 409,638 (578,890) 880,924 6,675,618


-

Changes in fair value, net of taxes ...... - - - - 347,863 68,875 - (3,657) 413,081 Pension fund – transitional arrangements ..................................... - - - - - (381,512) - - (381,512)

Exchange rate differences .................. - - - - - 69,484 - 15,971 85,455

Other movements .............................. - - - - - (51) - (1,682) (1,733)

Net income for the year ........................... - - - - - - (348,044) 84,749 (263,295) Total gains and losses recognised in the year - - - - 347,863 (243,204) (348,044) 95,381 (148,004)



Transfer to reserves ................................. - - - - - (578,890) 578,890 - -

Dividends on ordinary shares ................... - - - - - - - - -



Minority interests .................................... - - - - - - - (18,223) (18,223)

Other movements .................................... - - - - - (25,480) - 8,849 (16,631)

Balances as at December 31st 2014 5,900,000 - - - 411,810 (437,937) (348,044) 966,931 6,492,760






Interest and similar expenses paid ........................................................... (2,152,987) (2,323,894) 170,907 - Fees and commissions received ................................................................ 649,614 721,509 (71,895) - Fees and commissions paid ...................................................................... (143,423) (310,455) 167,032 - Premiums received (insurance) ................................................................ - 1,186,713 (1,186,713) - Indemnities paid (insurance) .................................................................... - (965,286) 965,286 - Recovery of loans ..................................................................................... 30,124 34,596 (4,472) - Contributions to pension fund .................................................................. (379,468) (119,080) (260,388) - Cash payments to employees and suppliers ............................................. (1,152,352) (1,408,806) 256,454 - Other results ............................................................................................. 143,067 240,535 (97,468) -


Financial assets and liabilities at fair value through profit or loss ............. (14,083) 673,143 (687,226) - Loans and advances to credit institutions ................................................. (358,630) 22,426 (381,056) - Deposits from credit institutions and central banks ................................. (3,667,459) (2,493,277) (1,174,182) - Loans and advances to credit institutions and customers ........................ 1,585,731 3,798,255 (2,212,524) - Deposits from customers .......................................................................... 3,431,739 875,393 2,556,346 - Hedging derivatives .................................................................................. - - - - Other operating assets and liabilities ....................................................... (324,070) (133,383) (190,687) -

Net cash from operating activities before income tax ................................. 970,973 3,717,491 (2,746,518) -73.9% Income tax paid ........................................................................................ (21,907) (253,238) 231,331 -

Net cash from operating activities .............................................................. 949,066 3,464,253 (2,515,187) -72.6% Cash flows from investing activities ............................................................

-

Acquisition of subsidiaries and associates ................................................ (75,423) (55,991) (19,432) - Divestment of subsidiaries and associates................................................ 1,043,049 70,549 972,500 - Dividends received ................................................................................... 49,568 74,424 (24,856) - Acquisition of available-for-sale financial assets....................................... (14,220,939) (13,941,712) (279,227) - Sale of available-for-sale financial assets .................................................. 14,878,376 13,811,838 1,066,538 - Held-to-maturity investments .................................................................. - - - - Acquisition of tangible and intangible assets ............................................ (108,344) (112,009) 3,665 - Sale of tangible and intangible assets ....................................................... 14,652 33,514 (18,862) -

Net cash from investing activities ............................................................... 1,580,939 (119,387) 1,700,326 1.424.2% Cash flows from financing activities ............................................................

Capital increase ........................................................................................ - - - - Issue of bonds and other debt securities .................................................. 909,587 3,240,105 (2,330,518) - Reimbursement of bonds and other debt securities ................................ (2,524,657) (6,175,788) 3,651,131 - Issue of subordinated liabilities ................................................................ - - - - Reimbursement and repurchase of subordinated liabilities ..................... (104,039) (399,286) 295,247 - Interest on debt securities issued ............................................................. (347,450) (505,173) 157,723 - Interest on subordinated liabilities ........................................................... (117,229) (143,829) 26,600 - Dividends paid on preference shares ........................................................ - - - - Treasury stock........................................................................................... - - - - Dividends paid .......................................................................................... - - - -

Net cash from financing activities ............................................................... (2,183,788) (3,983,971) 1,800,183 45.2% Net changes in cash and cash equivalents ................................................... 346,217 (639,105) 985,322 154.2%

Cash and cash equivalents at the beginning of the year ........................... 2,581,923 3,470,341 (888,418) - Effect of exchange rate changes on cash and cash equivalents ................ 68,185 (66,160) 134,345 -

Net changes in cash and cash equivalents ................................................... 346,217 (639,105) 985,322 154.2% Cash and cash equivalents at the end of the year 2,996,325 2,765,076 231,249 8.4%



II.10. Caixa – Banco de Investimento Group

Caixa Banco de Investimento Group



Caixa - Banco de Investimento, S.A. Caixa BI Brasil - Serviços de Assessoria Financeira, Ltda. BrazilCaixa Capital, SCR, SA CGD Investimentos Corretora de Valores e Câmbio, SA BrazilFundo de Capital de Risco Energias Renováveis

HOLDING COMPANIESCaixa de Desenvolvimento, SGPS, S.A.

International

BANKING



Caix

a –Ba

nco

de In

vest

imen

to G

roup

Bank

ing A

ctiv

ity

Oth

er A

ctiv

ities

Bank

ing A

ctiv

ity an

d O

ther

Act

iviti

es





1. Cash and deposits at central banks ............................................................. 612 1,240 (628) -50.6%

2. Deposits at other credit institutions ............................................................ 2,037 2,247 (210) -9.3%


4. Other financial assets at fair value through profit or loss............................. 5,111 5,234 (123) -2.4%

5. Available-for-sale financial assets ............................................................... 720,821 683,816 37,005 5.4% 5.1. Gross amount ........................................................................................... 720,821 683,816 37,005 - 5.2. Impairments ............................................................................................. - - - -

6. Loans and advances to credit institutions.................................................... 56,461 15,602 40,859 261.9% 6.1. Gross amount ........................................................................................... 56,461 15,602 40,859 - 6.2. Impairments ............................................................................................. - - - -

7. Loans and advances to customers ............................................................... 391,396 587,492 (196,096) -33.4% 7.1. Gross amount ........................................................................................... 425,404 695,520 (270,116) - 7.2. Impairments ............................................................................................. (34,008) (108,028) 74,020 -



10. Hedging derivatives .................................................................................... - 1,724 (1,724) -100.0%

11. Non-current assets held for sale ................................................................. - - - - 11.1. Gross amount ......................................................................................... - - - - 11.2. Impairments ........................................................................................... - - - -



14. Intangible assets ......................................................................................... 3,615 3,332 283 8.5% 14.1. Gross amount ......................................................................................... 8,660 8,191 469 - 14.2. Impairments and depreciation ............................................................... (5,045) (4,859) (186) -



16. Current income tax assets ........................................................................... 950 1,321 (371) -28.1%




19.2. Other assets ............................................................................................ 112,546 130,027 (17,481) -

19.3. Impairments ........................................................................................... (38,074) (29,870) (8,204) - Total Assets 2,100,827 2,008,571 92,256 4.6%












8. Hedging derivatives .................................................................................... 551 935 (384) -41.1%


10. Provisions ................................................................................................... 12,767 12,822 (55) -0.4%


12. Current income tax liabilities ...................................................................... 247 4 243 6.075.0%

13. Deferred income tax liabilities .................................................................... 3,705 8,893 (5,188) -58.3%






Equity

17. Share capital .............................................................................................. 81,250 81,250 - 0.0%

18. Share premiums ......................................................................................... - - - -


20. Treasury stock ............................................................................................ - - - -

21. Revaluation reserves .................................................................................. 466 (20,081) 20,547 102.3%


23. Net income for the year .............................................................................. 4,049 28,156 (24,107) -85.6%



Total Equity 339,248 314,835 24,413 7.8%







3. Net interest income ...................................................................... 25,494 25,671 (177) -0.7% 4. Income from equity instruments ......................................................................... 200 450 (250) - 5. Fee and commission income ............................................................................... 48,896 57,317 (8,421) - 6. Fee and commission expenses ............................................................................ (3,597) (2,978) (619) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (16,907) 13,832 (30,739) - 8. Net gains from available-for-sale financial assets................................................ 16,433 8,452 7,981 - 9. Net gains from foreign exchange differences ...................................................... 173 145 28 -

10. Net gains from sale of other assets ..................................................................... (1,459) (49) (1,410) - 11. Premiums net of reinsurance .............................................................................. - - - - 12. Claim costs net of reinsurance ............................................................................ - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. 1,662 (212) 1,874 -

15. Operating income ......................................................................... 70,895 102,628 (31,733) -30.9% 16. Personnel costs ................................................................................................... 14,268 15,092 (824) - 17. General administrative expenses ........................................................................ 9,746 8,964 782 - 18. Depreciation and amortization ............................................................................ 875 962 (87) - 19. Provisions net of reversals ................................................................................... (55) 6,582 (6,637) - 20. Credit impairment net of reversals ...................................................................... (5,908) 17,365 (23,273) - 21. Impairment on other financial assets net of reversals ........................................ 22,256 15,427 6,829 - 22. Impairment on other assets net of reversals ....................................................... (10) (24) 14 - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... (13,531) (4,140) (9,391) -

25. Net income before tax and minority interests.................................. 16,192 34,120 (17,928) -52.5% 26. Taxes ................................................................................................................... 12,143 5,964 6,179 -

26.1. Current ....................................................................................................... 5,161 7,856 (2,695) -

26.2. Deferred ..................................................................................................... 6,982 (1,892) 8,874 -

27. Net income after tax and before minority interests ......................... 4,049 28,156 (24,107) -85.6% 28. Of which: Net income after tax of discontinued operations ....................... - - - - 29. Minority interests ................................................................................................ - - - - 30. Net consolidated income for the year 4,049 28,156 (24,107) -85.6%



Net income for the year Attributable to equity holders ..................................................................................... 4,049 28,156 (24,107) -85.6%

Attributable to minority interest ................................................................................. - - - - Available-for-sale financial assets

Gains / (losses) arising during the year ....................................................................... 23,574 18,157 5,417 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............ - (6,001) 6,001 - Taxes ............................................................................................................................ (3,593) (6,252) 2,659 - Other movements........................................................................................................... 382 (11,054) 11,436 - Other comprehensive income for the year ................................................................ 20,363 (5,150) 25,513 495.4% Total comprehensive income for the year 24,412 23,006 1,406 6.1%




Share Capital


Share premium

s

Treasury stock

Fair value reserve

Other reserves


Net income for the

year

Minority interests


Balances as at December 31st 2013 81,250 - - - (13,683) 219,112 28,156 - 314,835


Changes in fair value, net of taxes ..... - - - - 19,982 - - - 19,982 Pension fund – transitional arrangements .................................... -

Other movements ............................. - - - - - - - - -

Net income for the year .......................... - - - - - - 4,049 - 4,049 Total gains and losses recognised in the year - - - - 19,982 - 4,049 - 24,031

Capital increase ....................................... - - - - - - - - -

Issue of other capital instruments ........... - - - - - - - - -

Transfer to reserves................................. - - - - - 28,156 (28,156) - -

Dividends on ordinary shares .................. - - - - - - - - -



Other movements ................................... - - - - - 382 - - 382

Balances as at December 31st 2014 81,250 - - - 6,299 247,650 4,049 - 339,248





Cash flows from operating activities ........................................................... Interest and commissions received .......................................................... 198,020 237,377 (39,357) -

Interest and commissions paid ................................................................. (174,367) (216,944) 42,577 - Fees and commissions received ............................................................... 48,970 57,842 (8,872) - Fees and commissions paid ...................................................................... (3,597) (12,240) 8,643 - Recovery of loans ..................................................................................... - - - - Contributions to pension fund.................................................................. - - - - Cash payments to employees and suppliers ............................................. (24,975) (23,439) (1,536) -

Sub-total .................................................................................................... 44,051 42,596 1,455 - Changes in operating assets and liabilities

Deposits at central banks ......................................................................... - - - - Financial assets and liabilities at fair value through profit or loss ............ (282,602) 5,973 (288,575) - Loans and advances to credit institutions ................................................ (40,872) 37,088 (77,960) - Deposits from credit institutions .............................................................. (355,862) (6,711) (349,151) - Loans and advances to customers ............................................................ 202,389 29,981 172,408 - Deposits from customers ......................................................................... 154,010 (17,277) 171,287 - Hedging derivatives .................................................................................. 281,009 - 281,009 - Other operating assets and liabilities ....................................................... 6,990 (34,536) 41,526 -

Net cash from operating activities before income tax ................................. 9,113 57,114 (48,001) -84.0% Income tax paid ........................................................................................ 414 (20,526) 20,940 -

Net cash from operating activities .............................................................. 9,527 36,588 (27,061) -74.0% Cash flows from investing activities

Acquisition of subsidiaries and associates ................................................ - - - - Divestment of subsidiaries and associates ............................................... - - - - Dividends received ................................................................................... 200 450 (250) - Acquisition of available-for-sale financial assets ...................................... (10,020) - (10,020) - Sale of available-for-sale financial assets ................................................. - (50,752) 50,752 - Held-to-maturity investments .................................................................. - - - - Acquisition of tangible and intangible assets ........................................... (545) (1,095) 550 - Sale of tangible and intangible assets ....................................................... - - - -

Net cash from investing activities ............................................................... (10,365) (51,397) 41,032 79.8% Cash flows from financing activities

Capital increase ........................................................................................ - - - - Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................ - - - - Issue / reimbursement of subordinated liabilities .................................... - - - - Treasury stock .......................................................................................... - - - - Dividends paid .......................................................................................... - - - -

Net cash from financing activities ............................................................... - - - - Net changes in cash and cash equivalents ................................................... (838) (14,809) 13,971 94.3%


Net changes in cash and cash equivalents ................................................... (838) (14,809) 13,971 94.3% Cash and cash equivalents at the end of the year 2,649 3,487 (838) -24.0%


II.11. Crédito Agrícola Group




Caixa Central - Caixa Central de Crédito Agrícola Mútuo, CRLCaixas de Crédito Agrícola Mútuo

Agrocapital – Sociedade de Capital de Risco, S.A.

Crédito Agrícola Gest - Sociedade Gestora de Fundos de Investimento Mobiliário S.A.Crédito Agrícola Imóveis, Unipessoal, Lda.Crédito Agrícola Finance - Gestão de Activos (I.F.I.), Sociedade Unipessoal S.A..

Crédito Agrícola SGPS S.A.CCCAM Gestão de Investimentos Unipessoal Lda

Crédito Agrícola SegurosCrédito Agrícola Vida

FENACAM - Federação Nacional das Caixas de Crédito Agrícola Mútuo FCRLCrédito Agrícola Consult - Assessoria Financeira e de Gestão S.A.CA Informática-Serviços de Informática S.A.CA Serviços - Serviços Informáticos e de Gestão - ACEFEIIA CA ImobiliárioFIIF CA Arrendamento HabitacionalFCR Central FrieFCR Agrocapital 1FII Imovalor CA


OTHER INVESTMENTS

International

BANKING


ASSET MANAGEMENT

HOLDING COMPANIES



Créd

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Grou

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4. Other financial assets at fair value through profit or loss ............................. 77,299 30,786 46,513 151.1%

5. Available-for-sale financial assets ............................................................... 5,749,861 4,987,081 762,780 15.3% 5.1. Gross amount ........................................................................................... 5,760,646 4,991,958 768,688 - 5.2. Impairments ............................................................................................. (10,785) (4,877) (5,908) -

6. Loans and advances to credit institutions .................................................... 3,194 32,031 (28,837) -90.0% 6.1. Gross amount ........................................................................................... 3,194 32,031 (28,837) - 6.2. Impairments ............................................................................................. - - - -

7. Loans and advances to customers ............................................................... 7,250,831 7,471,989 (221,158) -3.0% 7.1. Gross amount ........................................................................................... 8,099,442 8,136,142 (36,700) - 7.2. Impairments ............................................................................................. (848,611) (664,153) (184,458) -




11. Non-current assets held for sale ................................................................. 767,584 880,307 (112,723) -12.8% 11.1. Gross amount ......................................................................................... 853,773 1,010,083 (156,310) - 11.2. Impairments ........................................................................................... (86,189) (129,776) 43,587 -


13. Other tangible assets .................................................................................. 269,033 280,616 (11,583) -4.1% 13.1. Gross amount ......................................................................................... 546,917 550,902 (3,985) - 13.2. Impairments and depreciation ............................................................... (277,884) (270,286) (7,598) -

14. Intangible assets ......................................................................................... 61,195 60,771 424 0.7% 14.1. Gross amount ......................................................................................... 235,126 220,645 14,481 - 14.2. Impairments and depreciation ............................................................... (173,931) (159,874) (14,057) -



16. Current income tax assets ........................................................................... 3,192 11,032 (7,840) -71.1%



19. Other assets ............................................................................................... 173,077 178,460 (5,383) -3.0% 19.1. Debtors for direct insurance and reinsurance ceded .............................. 2,921 3,519 (598) -

19.2. Other assets ............................................................................................ 189,731 192,654 (2,923) -

19.3. Impairments ........................................................................................... (19,575) (17,713) (1,862) - Total Assets 15,049,651 14,620,576 429,075 2.9%





1. Deposits from central banks ....................................................................... 980,226 1,262,845 (282,619) -22.4%

2. Financial liabilities held for trading ............................................................. 197 515 (318) -61.7%








10. Provisions ................................................................................................... 7,500 4,126 3,374 81.8%

11. Technical provisions ................................................................................... 1,516,614 1,261,656 254,958 20.2%



14. Equity instruments ..................................................................................... 2,256 10,649 (8,393) -78.8%


16. Other liabilities ........................................................................................... 452,477 559,703 (107,226) -19.2% 16.1. Creditors for direct insurance and reinsurance ...................................... 8,877 9,192 (315) -



Equity

17. Share capital............................................................................................... 965,799 926,356 39,443 4.3%

18. Share premiums ......................................................................................... - - - -


20. Treasury stock ............................................................................................ - - - -


22. Other reserves and retained earnings ......................................................... 107,322 165,246 (57,924) -35.1%

23. Net income for the year .............................................................................. 26,883 (2,941) 29,824 1.014.1%


25. Minority interests ....................................................................................... 1,541 1,270 271 21.3%

Total Equity 1,215,807 1,141,019 74,788 6.6%






1. Interest and similar income ................................................................................. 531,548 519,891 11,657 - 2. Interest and similar expense ............................................................................... 224,608 213,187 11,421 -

3. Net interest income ...................................................................... 306,940 306,704 236 0.1% 4. Income from equity instruments ......................................................................... 1,641 1,556 85 - 5. Fee and commission income ............................................................................... 117,946 123,624 (5,678) - 6. Fee and commission expenses ............................................................................ (17,345) (23,054) 5,709 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 564 (534) 1,098 - 8. Net gains from available-for-sale financial assets ................................................ 208,693 93,412 115,281 - 9. Net gains from foreign exchange differences ...................................................... 847 1,411 (564) -

10. Net gains from sale of other assets ..................................................................... (7,559) (11,902) 4,343 - 11. Premiums net of reinsurance .............................................................................. 348,209 294,232 53,977 - 12. Claim costs net of reinsurance ............................................................................ 180,948 (179,465) 360,413 - 13. Changes in technical provisions net of reinsurance ............................................. (188,758) (124,115) (64,643) - 14. Other operating income and expense ................................................................. (182,051) 4,131 (186,182) -

15. Operating income ......................................................................... 770,075 486,000 284,075 58.5% 16. Personnel costs ................................................................................................... 192,135 190,648 1,487 - 17. General administrative expenses ........................................................................ 107,300 110,014 (2,714) - 18. Depreciation and amortization ............................................................................ 32,143 30,975 1,168 - 19. Provisions net of reversals ................................................................................... 194,470 (4,258) 198,728 - 20. Credit impairment net of reversals ...................................................................... 167,411 106,385 61,026 - 21. Impairment on other financial assets net of reversals ........................................ 3,118 927 2,191 - 22. Impairment on other assets net of reversals ....................................................... 13,690 34,063 (20,373) - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... (100) 1,908 (2,008) -


26.1. Current ....................................................................................................... 53,075 22,605 30,470 -

26.2. Deferred ..................................................................................................... (20,345) (593) (19,752) -

27. Net income after tax and before minority interests ......................... 26,978 (2,858) 29,836 1,043.9% 28. Of which: Net income after tax of discontinued operations........................ - - - - 29. Minority interests ................................................................................................ 95 83 12 - 30. Net consolidated income for the year 26,883 (2,941) 29,824 1,014.1%



Net income for the year .......................................................................................... 26,883 (2,941) 29,825 1,014.1% Available-for-sale financial assets

Gains / (losses) arising during the year ...................................................................... 57,594 63,259 (5,665) - Reclassification adjustments for gains/ (losses) included in the profit or loss ........... (8,714) (223) (8,491) - Taxes ........................................................................................................................... 10,237 (14,502) 24,739 - Other movements.......................................................................................................... 4,056 1,311 2,745 - Other comprehensive income for the year ............................................................... 63,174 49,846 13,328 26.7% Total comprehensive income for the year 90,057 46,904 43,153 92.0%





Share premiums

Treasury stock

Fair value reserve

Other reserves and

retained earnings

Net income for

the year

Minority interests


equity

Balances as at December 31st 2013 926,356 - - - 51,088 165,246 (2,941) 1,270 1,141,019


Changes in fair value, net of taxes ............................................. - - - - 63,174 - - - 63,174 Pension fund – transitional arrangements ............................... - - - - - - - - -

Exchange rate differences ............. - - - - - - - - -

Net income for the year ...................... - - - - - - 26,883 - 26,883 Total gains and losses recognised in the year - - - - 63,174 - 26,883 - 90,057

Capital increase .................................. 15,955 - - - - (15,955) - - -

Issue of other capital instruments ...... - - - - - - - - -

Transfer to reserves ............................ - - - - - (2,941) 2,941 - -

Dividends on ordinary shares ............. - - - - - - - - -

Prepaid dividends ............................... - - - - - - - - -

Changes in treasury stock ................... - - - - - - - - -

Minority interests ............................... - - - - - - - 271 271

Other movements .............................. 23,488 - - - - (39,028) - - (15,540)

Balances as at December 31st 2014 965,799 - - - 114,262 107,322 26,883 1,541 1,215,807





Cash flows from operating activities ........................................................... Interest and commissions received .......................................................... 531,548 519,891 11,657 -

Interest and commissions paid ................................................................. (224,609) (213,188) (11,421) - Fees and commissions received................................................................ 117,946 123,624 (5,678) - Fees and commissions paid ...................................................................... (17,345) (23,054) 5,709 - Recovery of loans ..................................................................................... 25,515 31,822 (6,307) - Contributions to pension fund .................................................................. (849) (2,222) 1,373 - Cash payments to employees and suppliers ............................................. (298,586) (298,440) (146) -


Deposits at central banks.......................................................................... (980,226) (1,262,845) 282,619 Financial assets and liabilities at fair value through profit or loss ............. (54,214) (28,133) (26,081) -

Loans and advances to credit institutions ................................................. 28,837 90,690 (61,853) - Deposits from credit institutions .............................................................. (246,530) (785,105) 538,575 - Loans and advances to customers ............................................................ 53,663 81,698 (28,035) - Deposits from customers .......................................................................... 414,066 9,719 404,347 - Hedging derivatives .................................................................................. - - - - Other operating assets and liabilities ....................................................... 1,179,741 1,437,196 (257,455) -

Net cash from operating activities before income tax ................................. 528,957 (318,347) 847,304 266.2% Income tax paid ........................................................................................ (36,347) (25,968) (10,379) -

Net cash from operating activities .............................................................. 492,610 (344,315) 836,925 243.1% Cash flows from investing activities

Acquisition of subsidiaries and associates ................................................ - - - - Divestment of subsidiaries and associates ............................................... 65,025 9,184 55,841 - Dividends received ................................................................................... 1,640 1,555 85 - Acquisition of available-for-sale financial assets ...................................... (534,982) (2,445,652) 1,910,670 - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments .................................................................. - 2,760,551 (2,760,551) - Acquisition of tangible and intangible assets ............................................ (21,864) (33,150) 11,286 - Sale of tangible and intangible assets ....................................................... - - - -

Net cash from investing activities ............................................................... (490,181) 292,488 (782,669) -267.6% Cash flows from financing activities

Capital increase ........................................................................................ 23,488 420 23,068 - Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................ - - - - Issue / reimbursement of subordinated liabilities .................................... 9,130 4,568 4,562 - Treasury stock .......................................................................................... - - - - Dividends paid .......................................................................................... - - - -

Net cash from financing activities ............................................................... 32,618 4,988 27,630 553.9% Net changes in cash and cash equivalents ................................................... 35,047 (46,839) 81,886 174.8%




II.12. BBVA (Portugal) Group




Banco Bilbao Vizcaya Argentaria (Portugal), S.A. Invesco Management, nº1, S.A. LuxembourgInvesco Management, nº2, S.A. Luxembourg

BBVA Fundos - Sociedade Gestora de Fundos de Pensões, S.A.BBVA Gest - Sociedade Gestora de Fundos de Investimento Mobiliário, S.A.

BBVA Leasimo - Sociedade de Locação Financeira, S.A.

International

BANKING

ASSET MANAGEMENT




BBVA

(Por

tuga

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oup

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Oth

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5. Available-for-sale financial assets ............................................................... 32,899 48,505 (15,606) -32.2%

5.1. Gross amount ........................................................................................... 32,899 49,119 (16,220) - 5.2. Impairments ............................................................................................. - (614) 614 -

6. Loans and advances to credit institutions .................................................... 139,347 1,121 138,226 12.330.6%

6.1. Gross amount ........................................................................................... 139,347 1,121 138,226 - 6.2. Impairments ............................................................................................. - - - -

7. Loans and advances to customers ............................................................... 4,648,193 5,009,445 (361,252) -7.2%

7.1. Gross amount ........................................................................................... 4,648,193 5,287,075 (638,882) - 7.2. Impairments ............................................................................................. - (277,630) 277,630 -

8. Held-to-maturity investments ..................................................................... - - - -

8.1. Gross amount ........................................................................................... - - - - 8.2. Impairments ............................................................................................. - - - -


10. Hedging derivatives .................................................................................... 315 1,590 (1,275) -80.2%

11. Non-current assets held for sale.................................................................. 426 655 (229) -35.0%

11.1. Gross amount ......................................................................................... 426 1,076 (650) - 11.2. Impairments ........................................................................................... - (421) 421 -


13. Other tangible assets .................................................................................. 20,087 44,837 (24,750) -55.2% 13.1. Gross amount ......................................................................................... 89,786 125,319 (35,533) - 13.2. Impairments and depreciation ............................................................... (69,699) (80,482) 10,783 -

14. Intangible assets ......................................................................................... 20,918 20,059 859 4.3% 14.1. Gross amount ......................................................................................... 30,546 26,373 4,173 - 14.2. Impairments and depreciation ............................................................... (9,628) (6,314) (3,314) -



16. Current income tax assets ........................................................................... 143 68 75 110.3%




19.2. Other assets ............................................................................................ 59,242 61,207 (1,965) -

19.3. Impairments ........................................................................................... - (13,853) 13,853 - Total Assets 5,179,512 5,361,393 (181,881) -3.4%














10. Provisions ................................................................................................... 19,528 17,115 2,413 14.1%


12. Current income tax liabilities ...................................................................... 327 62 265 427.4%

13. Deferred income tax liabilities .................................................................... 1,016 140 876 625.7%






Equity

17. Share capital .............................................................................................. 530,000 530,000 - 0.0%

18. Share premiums ......................................................................................... 7,008 7,008 - 0.0%


20. Treasury stock ............................................................................................ - - - -


22. Other reserves and retained earnings ......................................................... (175,886) (64,910) (110,976) -171.0%




Total Equity 240,224 286,876 (46,652) -16.3%






1. Interest and similar income ................................................................................. 118,757 150,186 (31,429) - 2. Interest and similar expense................................................................................ 68,200 96,929 (28,729) -

3. Net interest income....................................................................... 50,557 53,257 (2,700) -5.1% 4. Income from equity instruments ......................................................................... 489 385 104 - 5. Fee and commission income ............................................................................... 28,531 30,363 (1,832) - 6. Fee and commission expenses ............................................................................ (6,465) (6,844) 379 - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (7,833) (8,678) 845 - 8. Net gains from available-for-sale financial assets ................................................ 5,539 (794) 6,333 - 9. Net gains from foreign exchange differences ...................................................... 901 1,331 (430) -

10. Net gains from sale of other assets ..................................................................... (10,370) (824) (9,546) - 11. Premiums net of reinsurance .............................................................................. - - - - 12. Claim costs net of reinsurance............................................................................. - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. 12,830 (4,057) 16,887 -

15. Operating income ......................................................................... 74,179 64,139 10,040 15.7% 16. Personnel costs.................................................................................................... 51,129 46,927 4,202 - 17. General administrative expenses ........................................................................ 33,130 29,838 3,292 - 18. Depreciation and amortization ............................................................................ 6,229 5,271 958 - 19. Provisions net of reversals ................................................................................... 131 1,287 (1,156) - 20. Credit impairment net of reversals ...................................................................... 82,000 79,814 2,186 - 21. Impairment on other financial assets net of reversals......................................... 181 - 181 - 22. Impairment on other assets net of reversals ....................................................... 4,906 (1,698) 6,604 - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... - - - -

25. Net income before tax and minority interests .................................. (103,527) (97,300) (6,227) -6.4% 26. Taxes ................................................................................................................... (41,508) 13,977 (55,485) -

26.1. Current ....................................................................................................... 3,697 3,018 679 -

26.2. Deferred ..................................................................................................... (45,205) 10,959 (56,164) -

27. Net income after tax and before minority interests ......................... (62,019) (111,277) 49,258 44.3% 28. Of which: Net income after tax of discontinued operations ........................ - - - - 29. Minority interests ................................................................................................ - - - - 30. Net consolidated income for the year (62,019) (111,277) 49,258 44.3%



Net income for the year (62,019) (111,277) 49,258 44.3% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 3,530 1,900 1,630 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. - - - - Taxes ............................................................................................................................ (887) (551) (336) - Other movements ........................................................................................................... 12,378 (382) 12,760 - Other comprehensive income for the year ................................................................ 15,021 967 14,054 1,453.4% Total comprehensive income for the year (46,998) (110,310) 63,312 57.4%




Share Capital

Share premiums


Treasury stock

Fair value reserve

Other reserves


Net income for the

year

Minority interests


equity

Balances as at December 31st 2013 530,000 7,008 - - (73,945) (64,910) (111,277) - 286,876


Changes in fair value, net of taxes ..... - - - - - - - - -

Pensões - desvios actuariais ............... - - - - - - - - -

Other movements .............................. - - - - - - - - -

Net income for the year ........................... - - - - - - (62,019) - (62,019) Total gains and losses recognised in the year - - - - - - (62,019) - (62,019)

Capital increase ....................................... - - - - - - - - -

Issue of other capital instruments ........... - - - - - - - - - Transferência para reservas e resultados transitados ............................. - - - - - (111,277) 111,277 - -

Distribuição de resultados ....................... - - - - - - - - -


Interesses que não controlam ................. - - - - - - - - -

Other movements ................................... - - - - 15,066 301 - - 15,367

Balances as at December 31st 2014 530,000 7,008 - - (58,879) (175,886) (62,019) - 240,224





Cash flows from operating activities Interest and commissions received .......................................................... 146,940 181,191 (34,251) -

Interest and commissions paid ................................................................. (75,354) (110,969) 35,615 - Recovery of loans ..................................................................................... - - - - Contributions to pension fund.................................................................. (11,400) (3,221) (8,179) - Cash payments to employees and suppliers ............................................. (82,565) (70,608) (11,957) -

Sub-total .................................................................................................... (22,379) (3,607) (18,772) - Changes in operating assets and liabilities

Deposits at central banks ......................................................................... 65,000 (315,000) 380,000 - Financial assets and liabilities at fair value through profit or loss ............ 16,758 (18,317) 35,075 - Loans and advances to credit institutions ................................................ (138,219) 199,544 (337,763) - Deposits from credit institutions .............................................................. (329,007) (614,698) 285,691 - Loans and advances to customers ............................................................ 282,142 448,989 (166,847) - Deposits from customers ......................................................................... 86,106 253,751 (167,645) - Hedging derivatives .................................................................................. - 7 (7) - Other operating assets and liabilities ....................................................... 22,050 20,936 1,114 -

Net cash from operating activities before income tax ................................. (17,549) (28,395) 10,846 38.2% Income tax paid ........................................................................................ (3,502) (1,526) (1,976) -

Net cash from operating activities .............................................................. (21,051) (29,921) 8,870 29.6% Cash flows from investing activities

Acquisition of subsidiaries and associates ................................................ - - - - Divestment of subsidiaries and associates ............................................... - - - - Dividends received ................................................................................... 489 385 104 - Acquisition of available-for-sale financial assets ...................................... - - - - Sale of available-for-sale financial assets ................................................. - - - - Held-to-maturity investments .................................................................. - - - - Acquisition of tangible and intangible assets ........................................... (21,486) (13,276) (8,210) - Sale of tangible and intangible assets ....................................................... 36,341 1,771 34,570 -

Net cash from investing activities ............................................................... 15,344 (11,120) 26,464 238.0% Cash flows from financing activities

Capital increase ........................................................................................ - 50,000 (50,000) - Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................ - - - - Issue / reimbursement of subordinated liabilities .................................... - - - - Treasury stock .......................................................................................... - - - - Dividends paid .......................................................................................... - - - -

Net cash from financing activities ............................................................... - 50,000 (50,000) -100.0% Net changes in cash and cash equivalents ................................................... (5,707) 8,959 (14,666) -163.7%

Cash and cash equivalents at the beginning of the year ........................... 89,761 80,802 8,959 - Effect of exchange rate changes on cash and cash equivalents ................ - - - -




II.13. Santander Consumer Portugal

Santander Consumer Portugal




Silk Finance No.3 Limited Ireland

International

BANKING

OTHER INVESTMENTS



Sant

ande

rCon

sum

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al

Bank

ing A

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Oth

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Bank

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es





1. Cash and deposits at central banks ............................................................. 43 16,053 (16,010) -99.7%


3. Financial assets held for trading .................................................................. 850 1,296 (446) -34.4%


5. Available-for-sale financial assets ............................................................... - - - - 5.1. Gross amount ........................................................................................... - - - - 5.2. Impairments ............................................................................................. - - - -

6. Loans and advances to credit institutions .................................................... - - - - 6.1. Gross amount ........................................................................................... - - - - 6.2. Impairments ............................................................................................. - - - -

7. Loans and advances to customers ............................................................... 809,910 842,543 (32,633) -3.9% 7.1. Gross amount ........................................................................................... 809,910 842,543 (32,633) - 7.2. Impairments ............................................................................................. - - - -




11. Non-current assets held for sale ................................................................. 480 548 (68) -12.4% 11.1. Gross amount ......................................................................................... 480 548 (68) - 11.2. Impairments ........................................................................................... - - - -



14. Intangible assets ......................................................................................... 1,882 3,028 (1,146) -37.8% 14.1. Gross amount ......................................................................................... 9,845 8,811 1,034 - 14.2. Impairments and depreciation ............................................................... (7,963) (5,783) (2,180) -



16. Current income tax assets ........................................................................... 4 1,816 (1,812) -99.8%




19.2. Other assets ............................................................................................ 6,446 5,247 1,199 -

19.3. Impairments ........................................................................................... - - - - Total Assets 870,097 945,107 (75,010) -7.9%






2. Financial liabilities held for trading ............................................................. 858 1,308 (450) -34.4%



5. Deposits from customers ............................................................................ 1,500 2,737 (1,237) -45.2%



8. Hedging derivatives .................................................................................... 633 1,179 (546) -46.3%


10. Provisions ................................................................................................... 1,778 707 1,071 151.5%





15. Other subordinated liabilities ..................................................................... 15,056 15,061 (5) 0.0%




Equity

17. Share capital............................................................................................... 66,593 66,593 - 0.0%

18. Share premiums ......................................................................................... - - - -


20. Treasury stock ............................................................................................ - - - -

21. Revaluation reserves .................................................................................. - - - -





Total Equity 142,883 139,002 3,881 2.8%







3. Net interest income ...................................................................... 38,363 38,417 (54) -0.1% 4. Income from equity instruments ......................................................................... - - - - 5. Fee and commission income ............................................................................... 14,087 12,387 1,700 - 6. Fee and commission expenses ............................................................................ (5,289) (4,918) (371) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. 5 (47) 52 - 8. Net gains from available-for-sale financial assets ................................................ - - - - 9. Net gains from foreign exchange differences ...................................................... - - - -

10. Net gains from sale of other assets ..................................................................... - - - - 11. Premiums net of reinsurance .............................................................................. - - - - 12. Claim costs net of reinsurance ............................................................................ - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. 5,037 5,992 (955) -

15. Operating income ......................................................................... 52,203 51,831 372 0.7% 16. Personnel costs ................................................................................................... 7,890 7,903 (13) - 17. General administrative expenses ........................................................................ 11,985 12,554 (569) - 18. Depreciation and amortization ............................................................................ 2,543 1,654 889 - 19. Provisions net of reversals ................................................................................... 836 2,012 (1,176) - 20. Credit impairment net of reversals ...................................................................... 13,863 17,083 (3,220) - 21. Impairment on other financial assets net of reversals ........................................ 39 117 (78) - 22. Impairment on other assets net of reversals ....................................................... - - - - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... - - - -


26.1. Current ....................................................................................................... 5,620 3,482 2,138 -

26.2. Deferred ..................................................................................................... (89) 765 (854) -

27. Net income after tax and before minority interests ......................... 9,516 6,261 3,255 52.0% 28. Of which: Net income after tax of discontinued operations........................ - - - - 29. Minority interests ................................................................................................ - - - - 30. Net consolidated income for the year 9,516 6,261 3,255 52.0%



Net income for the year Attributable to equity holders .................................................................................... 9,516 6,261 3,255 52.0%

Attributable to minority interest................................................................................. - - - - Available-for-sale financial assets

Gains / (losses) arising during the year ....................................................................... - - - - Reclassification adjustments for gains/ (losses) included in the profit or loss ............ - - - - Taxes ............................................................................................................................ - - - - Other movements .......................................................................................................... - - - - Other comprehensive income for the year ............................................................... - - - - Total comprehensive income for the year 9,516 7,664 1,852 24.2%




Share Capital


Share premiums

Treasury stock

Fair value reserve

Other reserves


Net income for the

year

Minority interests


equity

Balances as at December 31st 2013 66,593 - - - - 66,148 6,261 - 139,002


Changes in fair value, net of taxes ...... - - - - - - - - -

Other movements .............................. - - - - - - - - -

Net income for the year ........................... - - - - - - 9,516 - 9,516 Total gains and losses recognised in the year - - - - - - 9,516 - 9,516



Transfer to reserves ................................. - - - - - 6,261 (6,261) - -

Dividends on ordinary shares ................... - - - - - - - - -




Other movements .................................... - - - - - (5,635) - - (5,635)

Balances as at December 31st 2014 66,593 - - - - 66,774 9,516 - 142,883





Cash flows from operating activities ........................................................... Interest and commissions received ........................................................... 38,510 76,538 (38,028) -

Interest and commissions paid ................................................................. (17,839) (25,242) 7,403 - Recovery of loans ...................................................................................... 5,707 9,633 (3,926) - Cash payments to employees and suppliers ............................................. (9,884) (22,499) 12,615 -


Deposits at central banks .......................................................................... - - - - Financial assets and liabilities at fair value through profit or loss ............. - - - - Loans and advances to credit institutions ................................................. - - - - Deposits from credit institutions .............................................................. (83,054) (152,387) 69,333 - Loans and advances to customers ............................................................ 44,061 132,202 (88,141) - Deposits from customers .......................................................................... (654) (1,516) 862 - Hedging derivatives .................................................................................. - - - - Other operating assets and liabilities ........................................................ (6,697) (2,910) (3,787) -

Net cash from operating activities before income tax .................................. (29,850) 13,819 (43,669) -316.0% Income tax paid ........................................................................................ (2,516) (6,012) 3,496 -

Net cash from operating activities .............................................................. (32,366) 7,807 (40,173) -514.6% Cash flows from investing activities ............................................................

Acquisition of subsidiaries and associates ................................................ - - - - Divestment of subsidiaries and associates ................................................ - - - - Dividends received .................................................................................... - - - - Acquisition of available-for-sale financial assets ....................................... - - - - Sale of available-for-sale financial assets .................................................. - - - - Held-to-maturity investments ................................................................... - - - - Acquisition of tangible and intangible assets ............................................ (643) (1,809) 1,166 - Sale of tangible and intangible assets ....................................................... - - - -

Net cash from investing activities ............................................................... (643) (1,809) 1,166 64.5% Cash flows from financing activities ............................................................

Capital increase ......................................................................................... - - - - Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................. - - - - Issue / reimbursement of subordinated liabilities .................................... - - - - Treasury stock ........................................................................................... - - - - Dividends paid .......................................................................................... - (8,275) 8,275 -

Net cash from financing activities ............................................................... - (8,275) 8,275 100.0% Net changes in cash and cash equivalents ................................................... (33,009) (2,277) (30,732) -1,349.7%


Net changes in cash and cash equivalents ................................................... (33,009) (2,277) (30,732) -1,349.7% Cash and cash equivalents at the end of the year 44,124 77,133 (33,009) -42.8%



II.14. Santander Totta, SGPS, S.A.

Santander Totta, SGPS, S.A.



Banco Santander Totta, S.A. Banco Caixa Geral Totta de Angola,S.A. AngolaSerfin International Bank & Trust Cayman IslandsBST International Bank, Inc - Porto Rico Puerto Rico

Novimovest -Fundo de investimento ImobiliárioSantander Multiobrigações

Santander Totta, SGPSSantotta Internacional, SGPS, Sociedade Unipessoal, LDAPartang, SGPS, S.A.Taxagest, SGPS, S.A.Santander Gestão de Activos, SGPS,S.A.

Santander Totta Seguros - Companhia de Seguros de Vida, S.A.Aegon Santander Portugal VidaAegon Santander Portugal Não Vida

Unicre - Instituição Financeira de Crédito, S.A. Totta Ireland, PLC IrelandTotta & Açores Financing Cayman IslandsTotta & Açores, Inc - Newark USA

Totta Urbe - Emp. Admin. e Construções, S.A. Hipototta nº1 PLC IrelandBenim - Sociedade Imobiliária, S.A. Hipototta nº4 PLC IrelandHipototta nº1 FTC Hipototta nº5 PLC IrelandHipototta nº4 FTC Leasetotta nº1 Ltd IrelandHipototta nº5 FTCLeaseTotta nº 1 FTC


OTHER INVESTMENTS

International

BANKING

ASSET MANAGEMENT

HOLDING COMPANIES




Sant

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GPS,

S.A

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3. Financial assets held for trading ................................................................. 2,289,131 1,946,393 342,738 17.6%

4. Other financial assets at fair value through profit or loss ............................ 2,278,633 2,314,561 (35,928) -1.6%

5. Available-for-sale financial assets ............................................................... 7,012,220 4,724,053 2,288,167 48.4% 5.1. Gross amount ............................................................................................ 7,075,108 4,787,604 2,287,504 - 5.2. Impairments .............................................................................................. (62,888) (63,551) 663 -

6. Loans and advances to credit institutions ................................................... 1,220,917 3,270,973 (2,050,056) -62.7% 6.1. Gross amount ............................................................................................ 1,220,917 3,270,973 (2,050,056) - 6.2. Impairments .............................................................................................. - - - -

7. Loans and advances to customers .............................................................. 25,524,020 26,095,503 (571,483) -2.2% 7.1. Gross amount ............................................................................................ 26,685,638 27,173,379 (487,741) - 7.2. Impairments .............................................................................................. (1,161,618) (1,077,876) (83,742) -

8. Held-to-maturity investments .................................................................... - - - - 8.1. Gross amount ............................................................................................ - - - - 8.2. Impairments .............................................................................................. - - - -

9. Assets with repurchase agreements ........................................................... - - - -


11. Non-current assets held for sale ................................................................. 208,214 207,333 881 0.4% 11.1. Gross amount .......................................................................................... 332,645 320,304 12,341 - 11.2. Impairments ............................................................................................ (124,431) (112,971) (11,460) -

12. Investment properties ................................................................................ 420,239 467,949 (47,710) -10.2%

13. Other tangible assets ................................................................................. 297,204 316,934 (19,730) -6.2% 13.1. Gross amount .......................................................................................... 748,322 834,385 (86,063) - 13.2. Impairments and depreciation ................................................................ (451,118) (517,451) 66,333 -

14. Intangible assets ........................................................................................ 32,419 56,617 (24,198) -42.7% 14.1. Gross amount .......................................................................................... 387,764 371,195 16,569 - 14.2. Impairments and depreciation ................................................................ (355,345) (314,578) (40,767) -


15.1. Gross amount .......................................................................................... 208,692 148,790 59,902 - 15.2. Impairments ............................................................................................ (1,500) (1,060) (440) -


17. Deferred income tax assets ........................................................................ 472,571 557,513 (84,942) -15.2%

18. Technical provisions for reinsurance ceded................................................. 33,121 50,573 (17,452) -34.5%

19. Other assets ............................................................................................... 265,390 234,235 31,155 13.3% 19.1. Debtors for direct insurance and reinsurance ceded............................... 6,644 9,606 (2,962) -

19.2. Other assets ............................................................................................ 283,552 248,237 35,315 -

19.3. Impairments ............................................................................................ (24,806) (23,608) (1,198) - Total Assets 41,543,134 41,551,241 (8,107) 0.0%






2. Financial liabilities held for trading ............................................................. 1,943,360 1,566,789 376,571 24.0%

3. Other liabilities at fair value through profit or loss ...................................... 3,403,408 3,592,776 (189,368) -5.3%



6. Debt securities issued ................................................................................. 2,892,831 2,436,432 456,399 18.7%




10. Provisions ................................................................................................... 103,394 64,589 38,805 60.1%

11. Technical provisions ................................................................................... 320,162 373,986 (53,824) -14.4%



14. Equity instruments ..................................................................................... 105,128 - 105,128 -


16. Other liabilities ........................................................................................... 317,978 328,547 (10,569) -3.2% 16.1. Creditors for direct insurance and reinsurance ...................................... 7,354 21,246 (13,892) -



Equity

17. Share capital .............................................................................................. 1,972,962 1,972,962 - 0.0%

18. Share premiums ......................................................................................... - - - -


20. Treasury stock ............................................................................................ (1,757) (1,523) (234) -15.4%





25. Minority interests ....................................................................................... 597,153 696,578 (99,425) -14.3%

Total Equity 3,362,120 3,053,832 308,288 10.1%

Total Liabilities + Equity 41,543,134 41,551,241 (8,107) 0.0%





1. Interest and similar income ................................................................................. 1,197,050 1,276,427 (79,377) - 2. Interest and similar expense................................................................................ 650,525 761,577 (111,052) -

3. Net interest income....................................................................... 546,525 514,850 31,675 6.2% 4. Income from equity instruments ......................................................................... 1,222 1,622 (400) - 5. Fee and commission income ............................................................................... 332,357 372,017 (39,660) - 6. Fee and commission expenses ............................................................................ (60,542) (55,552) (4,990) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (244,525) 19,857 (264,382) - 8. Net gains from available-for-sale financial assets ................................................ 306,046 4,534 301,512 - 9. Net gains from foreign exchange differences ...................................................... 5,440 4,048 1,392 -

10. Net gains from sale of other assets ..................................................................... 82,399 (1,092) 83,491 - 11. Premiums net of reinsurance .............................................................................. 43,025 41,140 1,885 - 12. Claim costs net of reinsurance............................................................................. (14,021) (11,366) (2,655) - 13. Changes in technical provisions net of reinsurance ............................................. (15,224) (10,843) (4,381) - 14. Other operating income and expense ................................................................. (14,878) (35,032) 20,154 -

15. Operating income ......................................................................... 967,824 844,183 123,641 14.6% 16. Personnel costs.................................................................................................... 284,430 272,337 12,093 - 17. General administrative expenses ........................................................................ 146,871 139,916 6,955 - 18. Depreciation and amortization ............................................................................ 63,309 60,298 3,011 - 19. Provisions net of reversals ................................................................................... 75,272 5,501 69,771 - 20. Credit impairment net of reversals ...................................................................... 111,207 197,039 (85,832) - 21. Impairment on other financial assets net of reversals......................................... 1,160 3,155 (1,995) - 22. Impairment on other assets net of reversals ....................................................... 34,012 36,894 (2,882) - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... 19,790 14,069 5,721 -


26.1. Current ....................................................................................................... 52,316 37,152 15,164 -

26.2. Deferred ..................................................................................................... 25,834 12,736 13,098 -

27. Net income after tax and before minority interests ......................... 193,203 93,224 99,979 107.2% 28. Of which: Net income after tax of discontinued operations ........................ - - - - 29. Minority interests ................................................................................................ 142 (8,803) 8,945 - 30. Net consolidated income for the year 193,061 102,027 91,034 89.2%


Thousands € Thousands € Thousands € % Net income for the year

Attributable to equity holders ..................................................................................... 193,061 102,027 91,034 89.2% Attributable to minority interest ................................................................................. 142 (8,803) 8,945 101.6% Available-for-sale financial assets

Gains / (losses) arising during the year ........................................................................ 526,476 283,065 243,411 - Reclassification adjustments for gains/ (losses) included in the profit or loss ............. 2,677 - 2,677 - Deferred taxes ............................................................................................................. (144,239) (57,594) (86,645) - Other movements ........................................................................................................... (75,202) (96,061) 20,859 - Other comprehensive income for the year ................................................................ 309,712 129,410 180,302 139.3% Total comprehensive income for the year 502,915 222,634 280,281 125.9%




Share Capital


Share premiu

ms

Treasury stock

Fair value reserve

Other reserves


Net income for the

year

Prepaid dividends

Minority interests


Balances as at December 31st 2013 1,972,962 - - (1,523) (622,216) 906,004 102,027 - 561,497 2,918,751


Changes in fair value, net of taxes ..... - - - - 300,683 - - - - 300,683 Pension fund – transitional arrangements .................................... - - - - - - - - - -

Exchange rate differences ................. - - - - 9,692 - - - - 9,692

Net income for the year .......................... - - - - - - 193,061 - 35,902 228,963 Total de ganhos e perdas reconhecidos no exercício - - - - 310,375 - 193,061 - 35,902 539,338

Capital increase ....................................... - - - - - - - - - -

Issue of other capital instruments ........... - - - - - - - - - -

Transfer to reserves................................. - - - - 96 36,563 (37,041) - - (382)

Dividends on ordinary shares .................. - - - - - - (64,986) - - (64,986)

Prepaid dividends .................................... - - - - - - - - - -

Changes in treasury stock ........................ - - - (234) - - - - - (234)

Minority interests .................................... - - - - - (30,121) - - - (30,121)

Other movements ................................... - - - - - - - - (246) (246)

Balances as at December 31st 2014 1,972,962 - - (1,757) (311,745) 912,446 193,061 - 597,153 3,362,120



Demonstração dos fluxos de caixa consolidado58 31-Dec-14 31-Dec-13 Change 2014 – 2013


Cash flows from operating activities Interest and commissions received .......................................................... 1,315,185 1,497,466 (182,281) -

Interest and commissions paid ................................................................. (712,981) (789,619) 76,638 - Recovery of loans ..................................................................................... 5,403 7,457 (2,054) - Contributions to pension fund .................................................................. (79,200) (56,000) (23,200) - Cash payments to employees and suppliers ............................................. (435,545) (419,722) (15,823) -

Sub-total .................................................................................................... 92,862 239,582 (146,720) -

Changes in operating assets and liabilities Deposits at central banks ......................................................................... - - - -

Financial assets and liabilities at fair value through profit or loss ............ (400,619) (580,364) 179,745 - Loans and advances to credit institutions ................................................ 2,053,709 (171,659) 2,225,368 - Deposits from credit institutions .............................................................. (1,937,896) 2,627,324 (4,565,220) - Loans and advances to customers ............................................................ 453,900 531,809 (77,909) - Deposits from customers.......................................................................... 1,025,322 (310,336) 1,335,658 - Hedging derivatives .................................................................................. - - - - Other operating assets and liabilities ....................................................... 44,657 (49,022) 93,679 -

Net cash from operating activities before income tax ................................. 1,331,935 2,287,334 (955,399) -41.8% Income tax paid ........................................................................................ 20,069 (172,325) 192,394 -

Net cash from operating activities .............................................................. 1,352,004 2,115,009 (763,005) -36.1% Cash flows from investing activities

Acquisition of subsidiaries and associates ................................................ - - - - Divestment of subsidiaries and associates ............................................... - - - - Dividends received ................................................................................... 1,222 12,840 (11,618) - Acquisition of available-for-sale financial assets ...................................... (4,854,747) (1,180,932) (3,673,815) - Sale of available-for-sale financial assets.................................................. 3,424,850 554,936 2,869,914 - Held-to-maturity investments .................................................................. - - - - Acquisition of tangible and intangible assets............................................ (30,616) (33,220) 2,604 - Sale of tangible and intangible assets ....................................................... 1,262 9,823 (8,561) -

Net cash from investing activities ............................................................... (1,458,029) (636,553) (821,476) -129.1% Cash flows from financing activities

Capital increase ........................................................................................ - - - - Issue of bonds and other debt securities .................................................. - - - - Reimbursement of bonds and other debt securities ................................ 351,942 (1,290,307) 1,642,249 - Issue / reimbursement of subordinated liabilities .................................... - (93) 93 - Treasury stock .......................................................................................... - - - - Dividends paid .......................................................................................... (64,986) (34,982) (30,004) -

Net cash from financing activities ............................................................... 286,956 (1,325,382) 1,612,338 121.7% Net changes in cash and cash equivalents ................................................... 180,931 153,074 27,857 18.2%

Cash and cash equivalents at the beginning of the year ........................... 890,762 737,688 153,074 - Effect of exchange rate changes on cash and cash equivalents ................ - - - -

Net changes in cash and cash equivalents ................................................... 180,931 153,074 27,857 18.2% Cash and cash equivalents at the end of the year 1,071,693 890,762 180,931 20.3%



II.15. Barclays Bank (Portugal) Group

Barclays Bank (Portugal) Group



Barclays Bank PLC

Barclays Wealth Managers Portugal, SGFIM, S.A.

International

BANKING

ASSET MANAGEMENT



Barc

lays

Ban

k(P

ortu

gal)

Grou

p

Bank

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Oth

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Bank

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3. Financial assets held for trading .................................................................. 1,451 2,505 (1,054) -42.1%

4. Other financial assets at fair value through profit or loss............................. - - - -

5. Available-for-sale financial assets ............................................................... 86,977 328,560 (241,583) -73.5% 5.1. Gross amount ........................................................................................... 86,977 328,560 (241,583) - 5.2. Impairments ............................................................................................. - - - -

6. Loans and advances to credit institutions.................................................... 7,742,439 7,314,997 427,442 5.8% 6.1. Gross amount ........................................................................................... 7,742,439 7,314,997 427,442 - 6.2. Impairments ............................................................................................. - - - -

7. Loans and advances to customers ............................................................... 6,182,098 7,156,446 (974,348) -13.6% 7.1. Gross amount ........................................................................................... 6,846,993 7,156,446 (309,453) - 7.2. Impairments ............................................................................................. (664,895) - (664,895) -




11. Non-current assets held for sale ................................................................. 51,334 49,912 1,422 2.8% 11.1. Gross amount ......................................................................................... 51,334 49,912 1,422 - 11.2. Impairments ........................................................................................... - - - -


13. Other tangible assets .................................................................................. 7,581 38,084 (30,503) -80.1% 13.1. Gross amount ......................................................................................... 110,357 110,890 (533) - 13.2. Impairments and depreciation ............................................................... (102,776) (72,806) (29,970) -

14. Intangible assets ......................................................................................... 53,416 82,760 (29,344) -35.5% 14.1. Gross amount ......................................................................................... 149,755 150,454 (699) - 14.2. Impairments and depreciation ............................................................... (96,339) (67,694) (28,645) -

15. Investments in associates and subsidiaries excluded from consolidated accounts ..................................................................................................... 5,267 3,920 1,347 34.4%

15.1. Gross amount ......................................................................................... 5,267 3,920 1,347 - 15.2. Impairments ........................................................................................... - - - -





19.2. Other assets ............................................................................................ 110,924 24,914 86,010 -

19.3. Impairments ........................................................................................... - - - - Total Assets 14,519,059 15,289,140 (770,081) -5.0%





1. Deposits from central banks ....................................................................... 1,521,817 1,519,354 2,463 0.2%

2. Financial liabilities held for trading ............................................................. 2,792 4,459 (1,667) -37.4%


4. Deposits from other credit institutions........................................................ 8,497,312 9,704,935 (1,207,623) -12.4%


6. Debt securities issued ................................................................................. - 9,736 (9,736) -100.0%

7. Financial liabilities associated with transfered assets .................................. 584,169 627,845 (43,676) -7.0%



10. Provisions ................................................................................................... 84,311 44,419 39,892 89.8%









Equity

17. Share capital ............................................................................................... 539,904 539,904 - 0.0%

18. Share premiums ......................................................................................... - - - -

19. Other equity instruments............................................................................ - - - -

20. Treasury stock ............................................................................................ - - - -

21. Revaluation reserves .................................................................................. (49,637) (31,124) (18,513) -59.5%





Total Equity 397,798 214,430 183,368 85.5%







3. Net interest income ...................................................................... 261,058 269,362 (8,304) -3.1% 4. Income from equity instruments ......................................................................... 81 53 28 - 5. Fee and commission income ............................................................................... 86,827 112,116 (25,289) - 6. Fee and commission expenses ............................................................................ (9,936) (9,353) (583) - 7. Net gains from assets and liabilities at fair value through profit or loss .............. (24,316) (17,246) (7,070) - 8. Net gains from available-for-sale financial assets ................................................ (1,310) (1,757) 447 - 9. Net gains from foreign exchange differences ...................................................... 1,587 3,826 (2,239) -

10. Net gains from sale of other assets ..................................................................... (4,699) (20,073) 15,374 - 11. Premiums net of reinsurance .............................................................................. - - - - 12. Claim costs net of reinsurance ............................................................................ - - - - 13. Changes in technical provisions net of reinsurance ............................................. - - - - 14. Other operating income and expense ................................................................. 15,412 (82,468) 97,880 -

15. Operating income ......................................................................... 324,704 254,460 70,244 27.6% 16. Personnel costs ................................................................................................... 61,957 78,763 (16,806) - 17. General administrative expenses ........................................................................ 131,836 131,973 (137) - 18. Depreciation and amortization ............................................................................ 56,032 27,411 28,621 - 19. Provisions net of reversals ................................................................................... 34,850 43,574 (8,724) - 20. Credit impairment net of reversals ...................................................................... 146,354 283,767 (137,413) - 21. Impairment on other financial assets net of reversals ........................................ (4,756) (2,980) (1,776) - 22. Impairment on other assets net of reversals ....................................................... 3,358 1,389 1,969 - 23. Negative consolidation differences ..................................................................... - - - - 24. Net gains from associates and joint ventures (equity method) ........................... - - - -

25. Net income before tax and minority interests .................................. (104,927) (309,437) 204,510 66.1% 26. Taxes ................................................................................................................... 14,039 11,334 2,705 -

26.1. Current ....................................................................................................... 19,257 14,750 4,507 -

26.2. Deferred ..................................................................................................... (5,218) (3,416) (1,802) -

27. Net income after tax and before minority interests ......................... (118,966) (320,771) 201,805 62.9% 28. Of which: Net income after tax of discontinued operations........................ - - - - 29. Minority interests ................................................................................................ - - - - 30. Net consolidated income for the year (118,966) (320,771) 201,805 62.9%


III. Human Resources Per financial institution


III: Member institutions’ human resources as at 31 December 2014

Banco BIC Banco BPI BPI Carregosa Millennium bcp Activobank BII BIG Finantia Invest Banif Banif Inv

Number of Employees Total ............................................... 1.441 5.923 65 73 7.548 139 - 189 147 124 1.916 42

By Gender

Men ................................................ 848 2.741 49 41 4.480 77 - 112 89 93 1.128 27 Women .......................................... 593 3.182 16 32 3.068 62 - 77 58 31 788 15

By Age

Up to 29 years ................................ 83 191 16 9 104 3 - 47 14 22 90 7 30 to 44 years................................. 955 3.651 34 34 3.307 100 - 122 84 82 1.179 27 45 years or over ............................. 403 2.081 15 30 4.137 36 - 20 49 20 647 8

By Years of Service

Up to 1 year ................................... 88 59 8 12 4 - - 24 20 11 20 4 1 to 5 years .................................... 528 248 10 24 90 2 - 63 13 66 82 11 6 to 10 years .................................. 265 1.971 10 22 961 31 - 64 27 20 738 14 11 to 15 years................................. 466 1.294 12 9 1.127 39 - 38 32 27 380 12 over 15 years .................................. 94 2.351 25 6 5.366 67 - - 55 - 696 1

By Type of Employment Contract

Permanent ..................................... 1.341 5.908 61 58 7.546 139 - 144 130 103 1.895 35 Fixed term ...................................... 100 15 4 15 2 - - 45 17 21 21 7

By Academic Qualifications

9th grade ......................................... 29 49 - 8 458 - - 3 7 1 115 - 12th grade ....................................... 625 1.920 4 12 3.476 61 - 30 46 46 686 10 Higher education ............................ 787 3.954 61 53 3.614 78 - 156 94 77 1.115 32

By Position

Heads of department ..................... 281 1.875 35 20 2.188 50 - 67 27 19 446 9 Specific ........................................... 646 2.754 25 33 5.022 82 - 112 84 100 765 24 Administrative ................................ 510 1.217 5 14 319 7 - 7 36 5 705 9 Ancillary ......................................... 4 77 - 6 19 - - 3 - - - -

By Activity

Commercial .................................... 1.040 3.286 52 22 5.370 134 - 77 41 53 1.250 - Other .............................................. 401 2.637 13 51 2.178 5 - 112 106 71 666 42


III: Member institutions’ human resources as at 31 December 2014 (cont’d)

Banif Mais CCCAM Montepio Montepio Inv CGD CBI BBVA Popular Sant

Consumer Santander

Totta BB Barclays

Number of Employees Total ............................................... 215 3.698 3.886 1 8.858 155 606 1.299 168 5.272 95 1.445

By Gender

Men ................................................ 105 2.000 2.139 1 3.787 94 311 904 60 2.880 43 696 Women .......................................... 110 1.698 1.747 - 5.071 61 295 395 108 2.392 52 749

By Age

Up to 29 years ................................ 8 139 105 1 680 21 34 94 3 162 22 86 30 to 44 years................................. 160 1.633 2.464 - 3.987 67 266 851 111 2.605 49 1.096 45 years or over ............................. 47 1.926 1.317 - 4.191 67 306 354 54 2.505 24 263

By Years of Service

Up to 1 year ................................... 3 57 49 1 35 8 8 19 6 26 6 5 1 to 5 years .................................... 51 261 159 - 754 31 44 125 11 199 63 224 6 to 10 years .................................. 55 541 809 - 1.337 52 107 322 44 1.065 14 79 11 to 15 years................................. 45 621 913 - 1.066 30 54 353 44 1.344 1 975 over 15 years .................................. 61 2.218 1.956 - 5.666 34 393 480 63 2.638 11 162

By Type of Employment Contract

Permanent ..................................... 205 3.543 3.867 - 8.652 153 602 1.232 167 5.231 83 1.443 Fixed term ...................................... 10 155 19 1 206 2 4 67 1 41 12 2

By Academic Qualifications

9th grade ......................................... 21 428 337 - 951 6 18 16 1 198 1 - 12th grade ....................................... 110 1.941 1.462 - 2.861 32 252 492 69 2.694 30 318 Higher education ............................ 84 1.329 2.087 1 5.046 117 336 791 98 2.380 64 1.127

By Position

Heads of department ..................... 45 894 937 - 1.805 77 142 346 53 1.202 24 340 Specific ........................................... 50 476 1.266 1 2.606 58 375 735 94 3.205 12 999 Administrative ................................ 67 2.136 1.625 - 4.337 14 89 215 21 851 59 106 Ancillary ......................................... 53 192 58 - 110 6 - 3 - 14 - -

By Activity

Commercial .................................... 93 2.617 2.552 - 6.567 155 368 754 63 3.284 25 670 Other .............................................. 122 1.081 1.334 1 2.291 - 238 545 105 1.988 70 775


III: Member institutions’ human resources as at 31 December 2014 (cont’d)

BNP BNP SS

Number of Employees Total ................................................ 84 867

By Gender Men ................................................. 44 382

Women ........................................... 40 485 By Age

Up to 29 years ................................. 2 252 30 to 44 years.................................. 19 605 45 years or over .............................. 63 10

By Years of Service Up to 1 year .................................... 5 201

1 to 5 years ..................................... 20 593 6 to 10 years ................................... 3 73 11 to 15 years.................................. 3 - over 15 years ................................... 53 -

By Type of Employment Contract Permanent ...................................... 83 838

Fixed term ....................................... 1 29 By Academic Qualifications

9th grade .......................................... 5 - 12th grade ........................................ 36 166 Higher education ............................. 43 701

By Position Heads of department ...................... 22 113

Specific ............................................ 34 80 Administrative ................................. 28 674 Ancillary .......................................... - -

By Activity Commercial ..................................... 7 -

Other ............................................... 77 867


IV. Branches Per financial institution


IV.1: Member institutions’ branches by district as at 31 December 2014

Banco BIC Banco BPI BPI Carregosa Millennium bcp Activobank BII BIG Finantia Invest Banif Banif Inv Banif Mais

Number of Branches

Total 207 546 2 3 680 14 - 15 2 17 204 1 18 By District

Aveiro ............................ 19 42 - - 44 1 - 1 - - 14 - 1 Beja ............................... - 9 - - 12 - - - - - - - - Braga ............................. 13 41 - - 44 1 - 2 - 1 8 - 1 Bragança ....................... 5 6 - - 9 - - - - - 2 - 1 Castelo Branco .............. 5 10 - - 12 - - - - - - - 1 Coimbra......................... 9 23 - - 23 1 - 1 - - 3 - 1 Évora ............................. 2 8 - - 14 - - 1 - - - - 1 Faro ............................... 10 24 - - 33 - - - - - 16 - 1 Guarda .......................... 4 11 - - 13 - - - - - 1 - - Leiria ............................. 25 27 - - 36 1 - 1 - 1 7 - 1 Lisboa ............................ 39 124 1 2 171 6 - 5 1 9 36 1 2 Portalegre ..................... 1 4 - - 7 - - - - - - - - Porto ............................. 37 90 1 1 108 4 - 3 1 4 34 - 1 Santarém ....................... 10 20 - - 29 - - - - - 6 - 1 Setúbal .......................... 8 37 - - 49 - - - - 2 7 - 1 Viana do Castelo ........... 5 13 - - 15 - - - - - 4 - 1 Vila Real ........................ 5 11 - - 14 - - - - - 3 - - Viseu ............................. 7 25 - - 21 - - 1 - - 2 - 1 Funchal .......................... 2 11 - - 16 - - - - - 29 - 1 Angra do Heroísmo ....... - 2 - - 2 - - - - - 7 - 1 Horta ............................. - 1 - - 2 - - - - - 7 - - Ponta Delgada ............... 1 7 - - 6 - - - - - 18 - 1


IV.1: Member institutions’ branches by district as at 31 December 2014 (cont’d)

CCCAM Montepio Montepio Inv CGD CBI BBVA Popular Sant

Consumer Santander

Totta B B Barclays BNP BNP SS

Number of Branches

Total 685 436 - 786 2 41 173 4 555 5 147 2 - By District

Aveiro ............................ 45 40 - 40 - 2 17 - 36 - 9 - - Beja ............................... 29 3 - 17 - - 1 - 5 - 2 - - Braga ............................. 34 38 - 45 - 2 11 - 39 - 10 - - Bragança ....................... 24 5 - 15 - - 1 - 6 - 2 - - Castelo Branco .............. 21 9 - 19 - 1 2 - 9 - 2 - - Coimbra......................... 51 15 - 42 - 1 5 - 25 - 5 - - Évora ............................. 35 7 - 16 - - 1 - 9 - 2 - - Faro ............................... 60 21 - 34 - 2 10 1 30 - 11 - - Guarda .......................... 26 6 - 18 - 1 1 - 6 - - - - Leiria ............................. 50 19 - 32 - 1 10 - 22 - 7 - - Lisboa ............................ 55 106 - 189 1 17 42 1 148 3 45 1 - Portalegre ..................... 26 2 - 17 - - 3 - 6 - 1 - - Porto ............................. 52 71 - 108 1 7 39 1 97 1 25 1 - Santarém ....................... 41 15 - 32 - - 10 - 24 - 4 - - Setúbal .......................... 31 28 - 50 - 1 10 - 38 1 10 - - Viana do Castelo ........... 18 7 - 17 - 2 5 - 13 - 4 - - Vila Real ........................ 26 7 - 19 - 2 2 - 9 - 3 - - Viseu ............................. 43 9 - 33 - 1 3 - 15 - 2 - - Funchal .......................... - 8 - 18 - 1 - 1 13 - 2 - - Angra do Heroísmo ....... 5 5 - 7 - - - - 2 - - - - Horta ............................. 2 6 - 7 - - - - 2 - - - - Ponta Delgada ............... 11 9 - 11 - - - - 1 - 1 - -


IV.2: Member institutions’ branches by municipality as at 31 December 2014

Banco BIC Banco BPI BPI Carregosa Millennium bcp Activobank BII BIG Finantia

Number of Branches Total 207 546 2 3 680 14 - 15 2

Aveiro District 19 42 - - 44 1 - 1 - Águeda ............................... 1 5 - - 3 - - - - Albergaria-a-Velha .............. 1 2 - - 1 - - - - Anadia ................................ 1 1 - - 3 - - - - Arouca ................................ 2 - - - 2 - - - - Aveiro ................................. 3 6 - - 5 1 - 1 - Castelo de Paiva.................. - - - - 1 - - - - Espinho ............................... 1 1 - - 3 - - - - Estarreja ............................. - 1 - - 2 - - - - Ílhavo .................................. 1 2 - - 2 - - - - Mealhada ............................ - 1 - - 2 - - - - Murtosa .............................. 1 1 - - - - - - - Oliveira de Azeméis ............ 1 3 - - 1 - - - - Oliveira do Bairro ................ - 2 - - 3 - - - - Ovar .................................... 1 2 - - 3 - - - - Santa Maria da Feira ........... 3 10 - - 8 - - - - São João da Madeira........... 1 1 - - 2 - - - - Sever do Vouga ................... - 1 - - 1 - - - - Vagos .................................. 1 2 - - 1 - - - - Vale de Cambra .................. 1 1 - - 1 - - - -

Beja District - 9 - - 12 - - - - Aljustrel .............................. - - - - 1 - - - - Almodôvar .......................... - - - - 1 - - - - Alvito .................................. - - - - - - - - - Barrancos ............................ - - - - - - - - - Beja ..................................... - 2 - - 3 - - - - Castro Verde ....................... - - - - 1 - - - - Cuba ................................... - 1 - - - - - - - Ferreira do Alentejo ............ - 1 - - 1 - - - - Mértola ............................... - - - - 1 - - - - Moura ................................. - 1 - - 1 - - - - Odemira .............................. - 2 - - 3 - - - - Ourique............................... - 1 - - - - - - - Serpa .................................. - 1 - - - - - - - Vidigueira ........................... - - - - - - - - -

Braga District 13 41 - - 44 1 - 2 - Amares ............................... - 1 - - 1 - - - - Barcelos .............................. 2 5 - - 5 - - - - Braga .................................. 1 11 - - 10 1 - 1 - Cabeceiras de Basto............ 2 - - - 1 - - - - Celorico de Basto ................ 1 - - - 2 - - - - Esposende .......................... 1 3 - - 2 - - - - Fafe ..................................... 1 1 - - 3 - - - - Guimarães .......................... 2 7 - - 6 - - 1 - Póvoa de Lanhoso ............... 1 1 - - 1 - - - - Terras de Bouro .................. - - - - - - - - - Vieira do Minho .................. - 1 - - 1 - - - - Vila Nova de Famalicão ....... 1 6 - - 9 - - - - Vila Verde ........................... - 4 - - 2 - - - - Vizela .................................. 1 1 - - 1 - - - -


IV.2: Member institutions’ branches by municipality as at 31 December 2014 (cont’d)


Number of Branches

Bragança District 5 6 - - 9 - - - -

Alfândega da Fé .................. - - - - 1 - - - - Bragança ............................. 1 1 - - 1 - - - - Carrazeda de Ansiães .......... - 1 - - - - - - - Freixo de Espada à Cinta ..... - - - - - - - - - Macedo de Cavaleiros ........ 1 1 - - 1 - - - - Miranda do Douro .............. - - - - 1 - - - - Mirandela ........................... 1 1 - - 1 - - - - Mogadouro ......................... 1 - - - 1 - - - - Torre de Moncorvo ............. - 1 - - - - - - - Vila Flor ............................... - - - - 1 - - - - Vimioso ............................... - - - - 2 - - - - Vinhais ................................ 1 1 - - - - - - -

Castelo Branco District 5 10 - - 12 - - - - Belmonte ............................ - 1 - - - - - - - Castelo Branco .................... 1 2 - - 3 - - - - Covilhã ................................ 1 2 - - 3 - - - - Fundão ................................ 1 2 - - 1 - - - - Idanha-a-Nova .................... - - - - - - - - - Oleiros ................................ - - - - 1 - - - - Penamacor.......................... - - - - 1 - - - - Proença-a-Nova .................. 1 1 - - 1 - - - - Sertã ................................... 1 1 - - 1 - - - - Vila de Rei ........................... - - - - 1 - - - - Vila Velha de Ródão ............ - 1 - - - - - - -

Coimbra District 9 23 - - 23 1 - 1 - Arganil ................................ - 1 - - 1 - - - - Cantanhede ........................ 1 1 - - 3 - - - - Coimbra .............................. 3 10 - - 8 1 - 1 - Condeixa-a-Nova ................ - 1 - - 1 - - - - Figueira Foz......................... 1 2 - - 5 - - - - Góis..................................... - - - - - - - - - Lousã .................................. 1 1 - - 1 - - - - Mira .................................... 1 1 - - 1 - - - - Miranda do Corvo ............... - 1 - - - - - - - Montemor-o-Velho............. - 1 - - - - - - - Oliveira do Hospital ............ 1 1 - - - - - - - Pampilhosa da Serra ........... - - - - - - - - - Penacova ............................ 1 1 - - 1 - - - - Penela ................................. - - - - - - - - - Soure .................................. - 1 - - 1 - - - - Tábua .................................. - 1 - - - - - - - Vila Nova de Poiares ........... - - - - 1 - - - -

Évora District 2 8 - - 14 - - 1 - Alandroal ............................ - - - - - - - - - Arraiolos ............................. 1 - - - 1 - - - - Borba .................................. - - - - 1 - - - - Estremoz ............................. - 1 - - 1 - - - - Évora................................... 1 3 - - 5 - - 1 - Montemor-o-Novo ............. - 1 - - 1 - - - - Mora ................................... - - - - - - - - - Mourão ............................... - - - - - - - - - Portel .................................. - - - - 1 - - - - Redondo ............................. - 1 - - 1 - - - -




Number of Branches

Évora District (cont.)

Reguengos de Monsaraz ..... - 1 - - 1 - - - - Vendas Novas ..................... - 1 - - 1 - - - - Viana do Alentejo ............... - - - - - - - - - Vila Viçosa .......................... - - - - 1 - - - -

Faro District 10 24 - - 33 - - - - Albufeira ............................. 1 2 - - 4 - - - - Alcoutim ............................. - - - - - - - - - Aljezur ................................ - 1 - - - - - - - Castro Marim ...................... - - - - - - - - - Faro .................................... 1 5 - - 4 - - - - Lagoa Faro .......................... - 1 - - 2 - - - - Lagos................................... 1 1 - - 2 - - - - Loulé ................................... 4 4 - - 8 - - - - Monchique ......................... - - - - - - - - - Olhão .................................. - 2 - - 2 - - - - Portimão ............................. 1 3 - - 3 - - - - São Brás de Alportel ........... 1 1 - - 1 - - - - Silves ................................... - 2 - - 3 - - - - Tavira .................................. 1 1 - - 1 - - - - Vila do Bispo ....................... - - - - - - - - - Vila Real de Santo António . - 1 - - 3 - - - -

Guarda District 4 11 - - 13 - - - - Aguiar da Beira ................... - - - - 1 - - - - Almeida .............................. - 1 - - 1 - - - - Celorico da Beira ................. - 1 - - 1 - - - - Figueira Castelo Rodrigo ..... - 1 - - 1 - - - - Fornos de Algodres ............. - 1 - - - - - - - Gouveia .............................. - 2 - - - - - - - Guarda ................................ 1 2 - - 3 - - - - Manteigas ........................... - - - - - - - - - Meda .................................. - - - - 1 - - - - Pinhel .................................. - - - - 1 - - - - Sabugal ............................... 1 1 - - 1 - - - - Seia ..................................... 1 1 - - 1 - - - - Trancoso ............................. 1 1 - - 1 - - - - Vila Nova de Foz Côa .......... - - - - 1 - - - -

Leiria District 25 27 - - 36 1 - 1 - Alcobaça ............................. 3 3 - - 7 - - - - Alvaiázere ........................... 2 - - - 1 - - - - Ansião ................................. 1 1 - - 1 - - - - Batalha ............................... 1 1 - - 1 - - - - Bombarral ........................... 1 - - - 1 - - - - Caldas da Rainha ................. 1 2 - - 4 - - - - Castanheira de Pêra ............ - - - - 1 - - - - Figueiró dos Vinhos ............ - - - - - - - - - Leiria ................................... 9 10 - - 8 1 - 1 - Marinha Grande ................. 1 2 - - 3 - - - - Nazaré ................................ 1 1 - - 1 - - - - Óbidos ................................ - 1 - - - - - - - Pedrógão Grande ................ - 1 - - - - - - - Peniche ............................... 1 1 - - 2 - - - - Pombal ............................... 2 3 - - 5 - - - - Porto de Mós ...................... 2 1 - - 1 - - - -




Number of Branches

Lisboa District 39 124 1 2 171 6 - 5 1

Alenquer ............................. - 2 - - 1 - - - - Amadora ............................. 2 7 - - 8 - - - - Arruda dos Vinhos .............. - 1 - - - - - - - Azambuja ............................ - 2 - - 1 - - - - Cadaval ............................... - 1 - - 1 - - - - Cascais ................................ 5 12 - - 12 1 - 1 - Lisboa ................................. 14 51 1 2 76 4 - 3 1 Loures ................................. 2 8 - - 12 - - - - Lourinhã ............................. 1 1 - - 1 - - - - Mafra .................................. 2 5 - - 4 - - - - Odivelas .............................. 1 5 - - 7 - - - - Oeiras ................................. 3 8 - - 14 1 - 1 - Sintra .................................. 6 12 - - 21 - - - - Sobral de Monte Agraço ..... - - - - 1 - - - - Torres Vedras ..................... 1 4 - - 3 - - - - Vila Franca de Xira .............. 2 5 - - 9 - - - -

Portalegre District 1 4 - - 7 - - - - Alter do Chão ...................... - - - - - - - - - Arronches ........................... - - - - - - - - - Avis ..................................... - - - - - - - - - Campo Maior ...................... - - - - 1 - - - - Castelo de Vide ................... - - - - - - - - - Crato ................................... - - - - - - - - - Elvas.................................... - 1 - - 2 - - - - Fronteira ............................. - - - - - - - - - Gavião................................. - - - - - - - - - Marvão ............................... - - - - - - - - - Monforte ............................ - - - - 1 - - - - Nisa ..................................... - - - - 1 - - - - Ponte de Sor ....................... - 1 - - 1 - - - - Portalegre ........................... - 1 - - 1 - - - - Sousel ................................. 1 1 - - - - - - -

Porto District 37 90 1 1 108 4 - 3 1 Amarante ............................ 1 2 - - 3 - - - - Baião ................................... 1 1 - - 1 - - - - Felgueiras ........................... 2 2 - - 2 - - - - Gondomar .......................... 2 7 - - 9 - - - - Lousada .............................. - 1 - - 1 - - - - Maia.................................... 3 9 - - 7 - - 1 - Marco de Canaveses ........... 1 3 - - 3 - - - - Matosinhos ......................... 3 12 - - 11 1 - - - Paços de Ferreira ................ 1 1 - - 2 - - - - Paredes ............................... 4 3 - - 4 - - - - Penafiel ............................... 1 3 - - 1 - - - - Porto ................................... 8 23 1 1 34 2 - 2 1 Póvoa de Varzim ................. 3 2 - - 3 - - - - Santo Tirso .......................... 2 2 - - 4 - - - - Trofa ................................... 1 1 - - 2 - - - - Valongo .............................. 2 3 - - 4 - - - - Vila do Conde ..................... 1 4 - - 2 - - - - Vila Nova Gaia .................... 1 11 - - 15 1 - - -




Number of Branches

Santarém District 10 20 - - 29 - - - -

Abrantes ................................ - 2 - - 1 - - - - Alcanena ................................ - - - - 2 - - - - Almeirim ................................ 1 1 - - 1 - - - - Alpiarça .................................. - - - - 1 - - - - Benavente ............................. 1 2 - - 2 - - - - Cartaxo .................................. 1 1 - - 1 - - - - Chamusca .............................. - - - - 1 - - - - Constância ............................. - - - - 1 - - - - Coruche ................................. - 1 - - 2 - - - - Entroncamento ...................... - 1 - - 1 - - - - Ferreira do Zêzere ................. - - - - 1 - - - - Golegã ................................... - 1 - - - - - - - Mação .................................... - - - - - - - - - Ourém ................................... 3 3 - - 5 - - - - Rio Maior ............................... 1 1 - - 1 - - - - Salvaterra de Magos .............. - - - - 1 - - - - Santarém ............................... 1 4 - - 3 - - - - Sardoal ................................... - - - - 1 - - - - Tomar .................................... 1 1 - - 2 - - - - Torres Novas .......................... 1 2 - - 2 - - - - Vila Nova da Barquinha ......... - - - - - - - - -

Setúbal District 8 37 - - 49 - - - - Alcácer do Sal ........................ - 2 - - 1 - - - - Alcochete ............................... - 1 - - 1 - - - - Almada .................................. 3 6 - - 9 - - - - Barreiro ................................. 1 4 - - 4 - - - - Grândola ................................ - 1 - - 1 - - - - Moita ..................................... - 2 - - 3 - - - - Montijo .................................. 1 2 - - 2 - - - - Palmela .................................. - 2 - - 4 - - - - Santiago do Cacém ................ - 3 - - 2 - - - - Seixal ..................................... 1 8 - - 10 - - - - Sesimbra ................................ - 2 - - 3 - - - - Setúbal ................................... 1 3 - - 8 - - - - Sines ...................................... 1 1 - - 1 - - - -

Viana do Castelo District 5 13 - - 15 - - - - Arcos de Valdevez .................. - 1 - - 1 - - - - Caminha................................. 1 1 - - 1 - - - - Melgaço ................................. - 1 - - 1 - - - - Monção ................................. - 1 - - 1 - - - - Paredes de Coura................... 1 - - - 1 - - - - Ponte da Barca ...................... - 1 - - 1 - - - - Ponte de Lima ........................ 1 2 - - 2 - - - - Valença .................................. 1 1 - - 1 - - - - Viana do Castelo .................... 1 5 - - 5 - - - - Vila Nova de Cerveira ............ - - - - 1 - - - -

Vila Real District 5 11 - - 14 - - - - Alijó ....................................... - 1 - - - - - - - Boticas ................................... - - - - 1 - - - - Chaves ................................... 1 1 - - 3 - - - - Mesão Frio ............................. - - - - - - - - - Mondim de Basto .................. - 1 - - 1 - - - - Montalegre ............................ 1 1 - - 2 - - - -




Number of Branches

Vila Real District (cont.)

Murça ................................. - - - - 1 - - - - Peso da Régua .................... 1 1 - - 2 - - - - Ribeira de Pena ................... - 1 - - - - - - - Sabrosa ............................... - - - - - - - - - Santa Marta de Penaguião . - - - - - - - - - Valpaços ............................. 1 2 - - 1 - - - - Vila Pouca de Aguiar ........... - 1 - - 1 - - - - Vila Real .............................. 1 2 - - 2 - - - -

Viseul District 7 25 - - 21 - - 1 - Armamar............................. - - - - 1 - - - - Carregal do Sal .................... - 1 - - 1 - - - - Castro Daire ........................ 1 1 - - 1 - - - - Cinfães ................................ - 2 - - 1 - - - - Lamego ............................... 1 1 - - 1 - - - - Mangualde.......................... 1 1 - - 1 - - - - Moimenta da Beira ............. - 1 - - 1 - - - - Mortágua ............................ - 1 - - 1 - - - - Nelas ................................... - 1 - - 1 - - - - Oliveira de Frades ............... 1 1 - - - - - - - Penalva do Castelo ............. - - - - - - - - - Penedono ........................... - - - - - - - - - Resende .............................. - 1 - - - - - - - Santa Comba Dão ............... - 1 - - - - - - - São João da Pesqueira ........ - - - - - - - - - São Pedro do Sul ................. - 1 - - 1 - - - - Sátão ................................... - 1 - - 1 - - - - Sernancelhe ........................ - - - - 1 - - - - Tabuaço .............................. - - - - - - - - - Tarouca ............................... - 1 - - 1 - - - - Tondela ............................... 1 2 - - 1 - - - - Vila Nova de Paiva .............. - - - - 1 - - - - Viseu ................................... 2 8 - - 5 - - 1 - Vouzela ............................... - - - - 1 - - - -

Funchal District 2 11 - - 16 - - - - Calheta ............................... - - - - 1 - - - - Câmara de Lobos ................ - 1 - - 1 - - - - Funchal ............................... 1 7 - - 10 - - - - Machico .............................. - 1 - - 1 - - - - Ponta do Sol........................ - 1 - - - - - - - Porto Moniz ........................ - - - - - - - - - Porto Santo ......................... 1 - - - - - - - - Ribeira Brava ...................... - 1 - - 1 - - - - São Vicente ......................... - - - - - - - - - Santana ............................... - - - - - - - - - Santa Cruz ........................... - - - - 2 - - - -




Number of Branches

Angra do Heroísmo District - 2 - - 2 - - - -

Angra Heroísmo .................. - 1 - - 1 - - - - Calheta S. Jorge .................. - - - - - - - - - Santa Cruz da Graciosa ....... - - - - - - - - - Vila Praia da Vitória ............ - 1 - - 1 - - - - Velas S. Jorge ...................... - - - - - - - - -

Horta District - 1 - - 2 - - - - Corvo .................................. - - - - - - - - - Horta .................................. - 1 - - 1 - - - - Lajes das Flores ................... - - - - - - - - - Lajes do Pico ....................... - - - - - - - - - Madalena ............................ - - - - 1 - - - - Santa Cruz das Flores .......... - - - - - - - - - São Roque do Pico .............. - - - - - - - - -

Ponta Delgada District 1 7 - - 6 - - - - Lagoa Açores ...................... - 1 - - 1 - - - - Nordeste ............................. - - - - - - - - - Ponta Delgada .................... 1 4 - - 4 - - - - Povoação ............................ - - - - - - - - - Ribeira Grande .................... - 1 - - 1 - - - - Vila Franca do Campo ......... - 1 - - - - - - - Vila do Porto ....................... - - - - - - - - -



Invest Banif Banif Inv Banif Mais CCCAM Montepio Montepio Inv CGD CBI

Number of Branches Total 17 204 1 18 685 436 - 786 2

Aveiro District - 14 - 1 45 40 - 40 - Águeda ............................... - 1 - - 3 4 - 1 - Albergaria-a-Velha .............. - - - - 1 1 - 2 - Anadia ................................ - 2 - - 3 2 - 1 - Arouca ................................ - - - - 1 1 - 1 - Aveiro ................................. - 1 - 1 2 8 - 9 - Castelo de Paiva.................. - - - - 1 - - 1 - Espinho ............................... - 1 - - 1 2 - 1 - Estarreja ............................. - 1 - - 2 1 - 2 - Ílhavo .................................. - 1 - - 4 1 - 2 - Mealhada ............................ - - - - 2 1 - 1 - Murtosa .............................. - - - - 4 - - 1 - Oliveira de Azeméis ............ - 1 - - 1 8 - 4 - Oliveira do Bairro ................ - - - - 4 - - 1 - Ovar .................................... - 1 - - 3 2 - 2 - Santa Maria da Feira ........... - 2 - - 4 4 - 7 - São João da Madeira........... - 1 - - 1 1 - 1 - Sever do Vouga ................... - - - - 1 1 - 1 - Vagos .................................. - 1 - - 6 1 - 1 - Vale de Cambra .................. - 1 - - 1 2 - 1 -

Beja District - - - - 29 3 - 17 - Aljustrel .............................. - - - - 4 - - 1 - Almodôvar .......................... - - - - 1 - - 1 - Alvito .................................. - - - - 2 - - 1 - Barrancos ............................ - - - - - - - 1 - Beja ..................................... - - - - 4 2 - 2 - Castro Verde ....................... - - - - 1 - - 1 - Cuba ................................... - - - - 1 - - 1 - Ferreira do Alentejo ............ - - - - 1 - - 1 - Mértola ............................... - - - - 1 - - 1 - Moura ................................. - - - - 3 - - 1 - Odemira .............................. - - - - 5 - - 3 - Ourique............................... - - - - 1 - - 1 - Serpa .................................. - - - - 4 1 - 1 - Vidigueira ........................... - - - - 1 - - 1 -

Braga District 1 8 - 1 34 38 - 45 - Amares ............................... - - - - 3 - - 1 - Barcelos .............................. - 1 - - 6 3 - 5 - Braga .................................. 1 2 - 1 4 12 - 15 - Cabeceiras de Basto............ - - - - 1 - - 1 - Celorico de Basto ................ - - - - 1 - - 1 - Esposende .......................... - - - - 2 1 - 1 - Fafe ..................................... - 1 - - 1 2 - 1 - Guimarães .......................... - 2 - - 2 10 - 8 - Póvoa de Lanhoso ............... - - - - 1 1 - 1 - Terras de Bouro .................. - - - - 2 - - 1 - Vieira do Minho .................. - - - - 4 - - 1 - Vila Nova de Famalicão ....... - 1 - - 5 5 - 6 - Vila Verde ........................... - 1 - - 1 2 - 2 - Vizela .................................. - - - - 1 2 - 1 -




Number of Branches

Bragança District - 2 - 1 24 5 - 15 -

Alfândega da Fé .................. - - - - 2 - - 1 - Bragança ............................. - 1 - - 5 2 - 4 - Carrazeda de Ansiães .......... - - - - 1 - - 1 - Freixo de Espada à Cinta ..... - - - - 1 - - 1 - Macedo de Cavaleiros ........ - - - - 2 1 - 1 - Miranda do Douro .............. - - - - 3 1 - 1 - Mirandela ........................... - 1 - 1 2 1 - 1 - Mogadouro ......................... - - - - 1 - - 1 - Torre de Moncorvo ............. - - - - 2 - - 1 - Vila Flor ............................... - - - - 2 - - 1 - Vimioso ............................... - - - - 1 - - 1 - Vinhais ................................ - - - - 2 - - 1 -

Castelo Branco District - - - 1 21 9 - 19 - Belmonte ............................ - - - - 2 - - 1 - Castelo Branco .................... - - - 1 2 4 - 5 - Covilhã ................................ - - - - 2 3 - 4 - Fundão ................................ - - - - 3 1 - 2 - Idanha-a-Nova .................... - - - - 3 - - 1 - Oleiros ................................ - - - - 2 - - 1 - Penamacor.......................... - - - - 2 - - 1 - Proença-a-Nova .................. - - - - 1 - - 1 - Sertã ................................... - - - - 3 1 - 1 - Vila de Rei ........................... - - - - 1 - - 1 - Vila Velha de Ródão ............ - - - - - - - 1 -

Coimbra District - 3 - 1 51 15 - 42 - Arganil ................................ - - - - 3 - - 1 - Cantanhede ........................ - 1 - - 8 3 - 3 - Coimbra .............................. - 1 - 1 8 9 - 19 - Condeixa-a-Nova ................ - - - - 1 - - 1 - Figueira Foz......................... - 1 - - 4 3 - 5 - Góis..................................... - - - - 1 - - 1 - Lousã .................................. - - - - 2 - - 1 - Mira .................................... - - - - 2 - - 1 - Miranda do Corvo ............... - - - - 1 - - 1 - Montemor-o-Velho............. - - - - 5 - - 2 - Oliveira do Hospital ............ - - - - 4 - - 1 - Pampilhosa da Serra ........... - - - - 1 - - 1 - Penacova ............................ - - - - 2 - - 1 - Penela ................................. - - - - 2 - - 1 - Soure .................................. - - - - 4 - - 1 - Tábua .................................. - - - - 2 - - 1 - Vila Nova de Poiares ........... - - - - 1 - - 1 -

Évora District - - - 1 35 7 - 16 - Alandroal ............................ - - - - 2 - - 1 - Arraiolos ............................. - - - - 2 - - 1 - Borba .................................. - - - - 2 - - 1 - Estremoz ............................. - - - - 4 1 - 1 - Évora................................... - - - 1 5 4 - 3 - Montemor-o-Novo ............. - - - - 4 1 - 1 - Mora ................................... - - - - 3 - - 1 - Mourão ............................... - - - - 1 - - 1 - Portel .................................. - - - - 2 - - 1 - Redondo ............................. - - - - 2 - - 1 -




Number of Branches


Reguengos de Monsaraz ..... - - - - 2 - - 1 - Vendas Novas ..................... - - - - 1 1 - 1 - Viana do Alentejo ............... - - - - 2 - - 1 - Vila Viçosa .......................... - - - - 3 - - 1 -

Faro District - 16 - 1 60 21 - 34 - Albufeira ............................. - 4 - - 6 2 - 3 - Alcoutim ............................. - - - - 2 - - 1 - Aljezur ................................ - - - - 2 - - 1 - Castro Marim ...................... - - - - 2 - - 1 - Faro .................................... - 2 - 1 5 4 - 6 - Lagoa Faro .......................... - 1 - - 4 1 - 2 - Lagos................................... - 1 - - 4 1 - 2 - Loulé ................................... - 3 - - 5 4 - 4 - Monchique ......................... - - - - 2 - - 1 - Olhão .................................. - - - - 4 2 - 1 - Portimão ............................. - 3 - - 3 3 - 4 - São Brás de Alportel ........... - - - - 1 1 - 1 - Silves ................................... - - - - 8 1 - 3 - Tavira .................................. - 1 - - 7 1 - 1 - Vila do Bispo ....................... - - - - 2 - - 1 - Vila Real de Santo António . - 1 - - 3 1 - 2 -

Guarda District - 1 - - 26 6 - 18 - Aguiar da Beira ................... - - - - 2 - - 1 - Almeida .............................. - - - - 1 - - 2 - Celorico da Beira ................. - - - - 1 - - 1 - Figueira Castelo Rodrigo ..... - - - - 1 - - 1 - Fornos de Algodres ............. - - - - 1 - - 1 - Gouveia .............................. - - - - 3 1 - 1 - Guarda ................................ - 1 - - 2 3 - 4 - Manteigas ........................... - - - - 1 - - 1 - Meda .................................. - - - - 1 - - 1 - Pinhel .................................. - - - - 3 - - 1 - Sabugal ............................... - - - - 1 - - 1 - Seia ..................................... - - - - 4 2 - 1 - Trancoso ............................. - - - - 2 - - 1 - Vila Nova de Foz Côa .......... - - - - 3 - - 1 -

Leiria District 1 7 - 1 50 19 - 32 - Alcobaça ............................. - 1 - - 5 2 - 2 - Alvaiázere ........................... - - - - 2 - - 1 - Ansião ................................. - - - - 3 - - 1 - Batalha ............................... - - - - 2 1 - 1 - Bombarral ........................... - 1 - - - - - 1 - Caldas da Rainha ................. - 1 - - 6 3 - 3 - Castanheira de Pêra ............ - - - - 1 - - 1 - Figueiró dos Vinhos ............ - - - - 1 - - 1 - Leiria ................................... 1 1 - 1 - 5 - 11 - Marinha Grande ................. - 1 - - - 1 - 1 - Nazaré ................................ - - - - 2 1 - 1 - Óbidos ................................ - - - - 3 - - 1 - Pedrógão Grande ................ - - - - 1 - - 1 - Peniche ............................... - 1 - - 4 1 - 2 - Pombal ............................... - 1 - - 16 2 - 3 - Porto de Mós ...................... - - - - 4 3 - 1 -




Number of Branches

Lisboa District 9 36 1 2 55 106 - 189 1

Alenquer ............................. - - - - 5 1 - 4 - Amadora ............................. 1 1 - - 2 8 - 10 - Arruda dos Vinhos .............. - 1 - - 2 1 - 1 - Azambuja ............................ - - - - 5 - - 1 - Cadaval ............................... - - - - 3 - - 1 - Cascais ................................ - 2 - - - 8 - 14 - Lisboa ................................. 3 18 1 1 5 41 - 93 1 Loures ................................. 2 2 - - 7 6 - 10 - Lourinhã ............................. - 1 - - 11 1 - 1 - Mafra .................................. - 1 - - - 5 - 3 - Odivelas .............................. 1 1 - - 2 3 - 7 - Oeiras ................................. - 3 - - 2 8 - 13 - Sintra .................................. 2 3 - - 4 13 - 19 - Sobral de Monte Agraço ..... - - - - 2 1 - 1 - Torres Vedras ..................... - 1 - 1 - 3 - 4 - Vila Franca de Xira .............. - 2 - - 5 7 - 7 -

Portalegre District - - - - 26 2 - 17 - Alter do Chão ...................... - - - - 1 - - 1 - Arronches ........................... - - - - 1 - - 1 - Avis ..................................... - - - - 2 - - 1 - Campo Maior ...................... - - - - 1 - - 1 - Castelo de Vide ................... - - - - 1 - - 1 - Crato ................................... - - - - 2 - - 1 - Elvas.................................... - - - - 4 1 - 2 - Fronteira ............................. - - - - 2 - - 1 - Gavião................................. - - - - 1 - - 1 - Marvão ............................... - - - - 1 - - 1 - Monforte ............................ - - - - 1 - - 1 - Nisa ..................................... - - - - 1 - - 1 - Ponte de Sor ....................... - - - - 4 - - 1 - Portalegre ........................... - - - - 1 1 - 2 - Sousel ................................. - - - - 3 - - 1 -

Porto District 4 34 - 1 52 71 - 108 1 Amarante ............................ - 2 - - 1 1 - 2 - Baião ................................... - - - - 2 - - 1 - Felgueiras ........................... - 2 - - 4 2 - 3 - Gondomar .......................... - 2 - - 2 5 - 7 - Lousada .............................. - 1 - - 1 1 - 1 - Maia.................................... - 2 - - 1 3 - 8 - Marco de Canaveses ........... - 1 - - 2 3 - 1 - Matosinhos ......................... - 3 - - 3 6 - 13 - Paços de Ferreira ................ - 1 - - 3 3 - 2 - Paredes ............................... - 3 - - 4 4 - 3 - Penafiel ............................... - 1 - - 6 2 - 4 - Porto ................................... 4 8 - 1 4 16 - 31 1 Póvoa de Varzim ................. - 1 - - 5 2 - 4 - Santo Tirso .......................... - 1 - - 2 3 - 2 - Trofa ................................... - 1 - - 1 2 - 3 - Valongo .............................. - 2 - - 2 4 - 4 - Vila do Conde ..................... - 1 - - 5 3 - 4 - Vila Nova Gaia .................... - 2 - - 4 11 - 15 -




Number of Branches

Santarém District - 6 - 1 41 15 - 32 -

Abrantes ................................ - 1 - - 4 2 - 3 - Alcanena ................................ - - - - 1 - - 1 - Almeirim ................................ - - - - 3 1 - 1 - Alpiarça.................................. - - - - 1 - - 1 - Benavente ............................. - - - - 4 2 - 2 - Cartaxo .................................. - - - - 3 1 - 1 - Chamusca .............................. - - - - - - - 1 - Constância ............................. - - - - - - - 2 - Coruche ................................. - - - - 2 - - 1 - Entroncamento ...................... - - - - 1 1 - 1 - Ferreira do Zêzere ................. - - - - 1 - - 1 - Golegã ................................... - - - - - - - 1 - Mação .................................... - - - - 2 - - 1 - Ourém ................................... - 1 - - 3 2 - 2 - Rio Maior ............................... - 1 - - 4 1 - 1 - Salvaterra de Magos .............. - - - - 6 - - 1 - Santarém ............................... - 1 - 1 1 2 - 4 - Sardoal................................... - - - - 3 - - 1 - Tomar .................................... - 1 - - 2 1 - 2 - Torres Novas .......................... - 1 - - - 2 - 3 - Vila Nova da Barquinha ......... - - - - - - - 1 -

Setúbal District 2 7 - 1 31 28 - 50 - Alcácer do Sal ........................ - - - - 2 - - 1 - Alcochete ............................... - - - - 2 1 - 1 - Almada .................................. - 2 - - 1 9 - 15 - Barreiro ................................. - - - - 1 3 - 4 - Grândola ................................ - - - - 3 - - 1 - Moita ..................................... - 1 - - 2 2 - 2 - Montijo .................................. - 1 - - 2 2 - 4 - Palmela .................................. - - - - 4 2 - 2 - Santiago do Cacém ................ - - - - 5 1 - 2 - Seixal ..................................... 1 2 - - 1 3 - 7 - Sesimbra ................................ - - - - 3 1 - 3 - Setúbal................................... 1 1 - 1 3 3 - 7 - Sines ...................................... - - - - 2 1 - 1 -

Viana do Castelo District - 4 - 1 18 7 - 17 - Arcos de Valdevez.................. - 1 - - 1 1 - 1 - Caminha ................................ - - - - 2 1 - 2 - Melgaço ................................. - - - - 1 - - 1 - Monção ................................. - 1 - - 1 1 - 1 - Paredes de Coura .................. - - - - 1 - - 1 - Ponte da Barca ...................... - - - - 1 - - 1 - Ponte de Lima ........................ - - - - 4 1 - 2 - Valença .................................. - 1 - - 1 1 - 1 - Viana do Castelo .................... - 1 - 1 1 2 - 6 - Vila Nova de Cerveira ............ - - - - 5 - - 1 -

Vila Real District - 3 - - 26 7 - 19 - Alijó ....................................... - - - - 3 - - 1 - Boticas ................................... - - - - 1 - - 1 - Chaves ................................... - 1 - - 3 2 - 2 - Mesão Frio ............................. - - - - 1 - - 1 - Mondim de Basto .................. - - - - 1 - - 1 - Montalegre ............................ - - - - 2 - - 1 -




Number of Branches


Murça ................................. - - - - 1 - - 1 - Peso da Régua .................... - 1 - - 1 1 - 1 - Ribeira de Pena ................... - - - - 1 - - 1 - Sabrosa ............................... - - - - 1 - - 1 - Santa Marta de Penaguião . - - - - 3 - - 1 - Valpaços ............................. - - - - 1 1 - 1 - Vila Pouca de Aguiar ........... - - - - 3 1 - 2 - Vila Real .............................. - 1 - - 4 2 - 4 -

Viseul District - 2 - 1 43 9 - 33 - Armamar............................. - - - - 2 - - 1 - Carregal do Sal .................... - - - - 2 - - 1 - Castro Daire ........................ - - - - 3 - - 1 - Cinfães ................................ - - - - 2 - - 1 - Lamego ............................... - - - - 3 1 - 2 - Mangualde.......................... - - - - 1 1 - 1 - Moimenta da Beira ............. - - - - 2 - - 1 - Mortágua ............................ - 1 - - 1 - - 1 - Nelas ................................... - - - - 2 - - 1 - Oliveira de Frades ............... - - - - 2 1 - 1 - Penalva do Castelo ............. - - - - 1 - - 1 - Penedono ........................... - - - - 1 - - 1 - Resende .............................. - - - - 1 - - 1 - Santa Comba Dão ............... - - - - 3 - - 1 - São João da Pesqueira ........ - - - - 2 - - 1 - São Pedro do Sul ................. - - - - 1 - - 1 - Sátão ................................... - - - - 2 - - 1 - Sernancelhe ........................ - - - - 1 - - 1 - Tabuaço .............................. - - - - 2 - - 1 - Tarouca ............................... - - - - 1 - - 1 - Tondela ............................... - - - - 1 1 - 1 - Vila Nova de Paiva .............. - - - - 1 - - 1 - Viseu ................................... - 1 - 1 4 5 - 9 - Vouzela ............................... - - - - 2 - - 1 -

Distrito do Funchal - 29 - 1 - 8 - 18 - Calheta ............................... - 4 - - - - - 1 - Câmara de Lobos ................ - 2 - - - 1 - 1 - Funchal ............................... - 9 - 1 - 5 - 7 - Machico .............................. - 2 - - - 1 - 1 - Ponta do Sol........................ - 2 - - - - - 1 - Porto Moniz ........................ - 1 - - - - - 1 - Porto Santo ......................... - 1 - - - - - 1 - Ribeira Brava ...................... - 1 - - - - - 1 - São Vicente ......................... - 2 - - - - - 1 - Santana ............................... - 1 - - - - - 1 - Santa Cruz ........................... - 4 - - - 1 - 2 -




Number of Branches

Angra do Heroísmo District - 7 - 1 5 5 - 7 -

Angra Heroísmo .................. - 2 - 1 1 2 - 2 - Calheta S. Jorge .................. - 1 - - 1 - - 1 - Santa Cruz da Graciosa ....... - 1 - - 1 - - 1 - Vila Praia da Vitória ............ - 2 - - 1 2 - 2 - Velas S. Jorge ...................... - 1 - - 1 1 - 1 -

Horta District - 7 - - 2 6 - 7 - Corvo .................................. - 1 - - - - - 1 - Horta .................................. - 1 - - 1 2 - 1 - Lajes das Flores ................... - 1 - - - - - 1 - Lajes do Pico ....................... - 1 - - 1 2 - 1 - Madalena ............................ - 1 - - - 1 - 1 - Santa Cruz das Flores .......... - 1 - - - - - 1 - São Roque do Pico .............. - 1 - - - 1 - 1 -

Ponta Delgada District - 18 - 1 11 9 - 11 - Lagoa Açores ...................... - 2 - - 1 1 - 1 - Nordeste ............................. - 1 - - - 1 - 1 - Ponta Delgada .................... - 8 - 1 5 3 - 5 - Povoação ............................ - 2 - - 1 1 - 1 - Ribeira Grande .................... - 3 - - 3 2 - 1 - Vila Franca do Campo ......... - 1 - - 1 1 - 1 - Vila do Porto ....................... - 1 - - - - - 1 -



BBVA Popular Sant Consumer

Santander Totta B B Barclays BNP BNP SS

Number of Branches Total 41 173 4 555 5 147 2 -

Aveiro District 2 17 - 36 - 9 - - Águeda ................................ - 1 - 2 - 1 - - Albergaria-a-Velha ............... - - - 1 - - - - Anadia ................................. - - - 1 - - - - Arouca ................................. - - - 1 - - - - Aveiro .................................. 1 2 - 4 - 2 - - Castelo de Paiva .................. - - - - - - - - Espinho ................................ 1 1 - 2 - 1 - - Estarreja .............................. - - - 1 - 1 - - Ílhavo ................................... - - - 3 - - - - Mealhada ............................ - - - 2 - - - - Murtosa ............................... - - - 1 - - - - Oliveira de Azeméis ............. - 2 - 3 - 1 - - Oliveira do Bairro ................ - - - 3 - - - - Ovar ..................................... - 1 - 3 - - - - Santa Maria da Feira............ - 9 - 5 - 1 - - São João da Madeira ........... - 1 - 2 - 1 - - Sever do Vouga.................... - - - 1 - - - - Vagos ................................... - - - - - - - - Vale de Cambra ................... - - - 1 - 1 - -

Beja District - 1 - 5 - 2 - - Aljustrel ............................... - - - - - - - - Almodôvar ........................... - - - - - - - - Alvito ................................... - - - - - - - - Barrancos ............................ - - - - - - - - Beja ..................................... - 1 - 1 - 1 - - Castro Verde ........................ - - - 1 - 1 - - Cuba .................................... - - - - - - - - Ferreira do Alentejo ............ - - - - - - - - Mértola................................ - - - - - - - - Moura .................................. - - - 1 - - - - Odemira .............................. - - - - - - - - Ourique ............................... - - - - - - - - Serpa ................................... - - - 1 - - - - Vidigueira ............................ - - - 1 - - - -

Braga District 2 11 - 39 - 10 - - Amares ................................ - - - - - - - - Barcelos ............................... - 1 - 9 - 1 - - Braga ................................... 1 3 - 9 - 3 - - Cabeceiras de Basto ............ - - - 2 - - - - Celorico de Basto ................. - - - - - - - - Esposende ........................... - 1 - 2 - - - - Fafe...................................... - 1 - 1 - 1 - - Guimarães ........................... 1 1 - 7 - 3 - - Póvoa de Lanhoso ............... - - - 1 - - - - Terras de Bouro ................... - - - - - - - - Vieira do Minho ................... - - - - - - - - Vila Nova de Famalicão ....... - 3 - 6 - 2 - - Vila Verde ............................ - - - 1 - - - - Vizela ................................... - 1 - 1 - - - -





Number of Branches

Bragança District - 1 - 6 - 2 - -

Alfândega da Fé ................... - - - - - - - - Bragança .............................. - 1 - 2 - 1 - - Carrazeda de Ansiães .......... - - - - - - - - Freixo de Espada à Cinta...... - - - - - - - - Macedo de Cavaleiros ......... - - - 1 - - - - Miranda do Douro ............... - - - 1 - - - - Mirandela ............................ - - - 1 - 1 - - Mogadouro .......................... - - - - - - - - Torre de Moncorvo ............. - - - - - - - - Vila Flor ............................... - - - - - - - - Vimioso................................ - - - 1 - - - - Vinhais ................................. - - - - - - - -

Castelo Branco District 1 2 - 9 - 2 - - Belmonte ............................. - - - 1 - - - - Castelo Branco ..................... 1 1 - 2 - 1 - - Covilhã ................................. - 1 - 3 - 1 - - Fundão ................................ - - - 1 - - - - Idanha-a-Nova ..................... - - - - - - - - Oleiros ................................. - - - - - - - - Penamacor .......................... - - - - - - - - Proença-a-Nova ................... - - - 1 - - - - Sertã .................................... - - - 1 - - - - Vila de Rei ............................ - - - - - - - - Vila Velha de Ródão............. - - - - - - - -

Coimbra District 1 5 - 25 - 5 - - Arganil ................................. - - - - - - - - Cantanhede ......................... - 1 - 1 - - - - Coimbra ............................... 1 2 - 14 - 3 - - Condeixa-a-Nova ................. - - - 1 - - - - Figueira Foz ......................... - 1 - 3 - 1 - - Góis ..................................... - - - - - - - - Lousã ................................... - - - 1 - - - - Mira ..................................... - - - - - - - - Miranda do Corvo ................ - - - 1 - - - - Montemor-o-Velho ............. - 1 - - - - - - Oliveira do Hospital ............. - - - 1 - 1 - - Pampilhosa da Serra ............ - - - 1 - - - - Penacova ............................. - - - 1 - - - - Penela .................................. - - - - - - - - Soure ................................... - - - - - - - - Tábua ................................... - - - 1 - - - - Vila Nova de Poiares ............ - - - - - - - -

Évora District - 1 - 9 - 2 - - Alandroal ............................. - - - - - - - - Arraiolos .............................. - - - - - - - - Borba ................................... - - - 1 - - - - Estremoz.............................. - - - 1 - - - - Évora ................................... - 1 - 3 - 1 - - Montemor-o-Novo .............. - - - 1 - 1 - - Mora .................................... - - - - - - - - Mourão................................ - - - - - - - - Portel ................................... - - - - - - - - Redondo .............................. - - - - - - - -





Number of Branches


Reguengos de Monsaraz ..... - - - - - - - - Vendas Novas ...................... - - - 1 - - - - Viana do Alentejo ................ - - - 1 - - - - Vila Viçosa ........................... - - - 1 - - - -

Faro District 2 10 1 30 - 11 - - Albufeira .............................. - 1 - 4 - 1 - - Alcoutim .............................. - - - - - - - - Aljezur ................................. - - - - - - - - Castro Marim ....................... - - - - - - - - Faro ..................................... - 1 1 7 - 2 - - Lagoa Faro ........................... - - - 2 - 1 - - Lagos ................................... - 1 - 1 - 1 - - Loulé .................................... 1 2 - 6 - 4 - - Monchique .......................... - - - - - - - - Olhão ................................... - 1 - 2 - - - - Portimão .............................. 1 1 - 4 - 1 - - São Brás de Alportel ............ - - - 1 - - - - Silves ................................... - 1 - 1 - - - - Tavira ................................... - 1 - 1 - 1 - - Vila do Bispo ........................ - - - - - - - - Vila Real de Santo António .. - 1 - 1 - - - -

Guarda District 1 1 - 6 - - - - Aguiar da Beira .................... - - - 1 - - - - Almeida ............................... - - - - - - - - Celorico da Beira ................. - - - - - - - - Figueira Castelo Rodrigo ...... - - - - - - - - Fornos de Algodres .............. - - - - - - - - Gouveia ............................... - - - - - - - - Guarda ................................. 1 1 - 2 - - - - Manteigas ............................ - - - - - - - - Meda ................................... - - - - - - - - Pinhel .................................. - - - - - - - - Sabugal ................................ - - - 1 - - - - Seia ...................................... - - - 1 - - - - Trancoso .............................. - - - 1 - - - - Vila Nova de Foz Côa ........... - - - - - - - -

Leiria District 1 10 - 22 - 7 - - Alcobaça .............................. - 1 - 3 - 1 - - Alvaiázere ............................ - - - - - - - - Ansião .................................. - - - 1 - - - - Batalha ................................ - - - 1 - - - - Bombarral ............................ - 1 - 1 - - - - Caldas da Rainha ................. - 1 - 2 - 1 - - Castanheira de Pêra ............ - - - - - - - - Figueiró dos Vinhos ............. - - - - - - - - Leiria .................................... 1 3 - 6 - 1 - - Marinha Grande .................. - 1 - 1 - 1 - - Nazaré ................................. - - - 1 - - - - Óbidos ................................. - - - - - 1 - - Pedrógão Grande ................ - - - - - - - - Peniche ................................ - 1 - 1 - - - - Pombal ................................ - 1 - 2 - 1 - - Porto de Mós ....................... - 1 - 3 - 1 - -





Number of Branches

Lisboa District 17 42 1 148 3 45 1 -

Alenquer .............................. - 1 - 1 - - - - Amadora .............................. - 1 - 8 - 2 - - Arruda dos Vinhos ............... - - - - - - - - Azambuja ............................. - - - 1 - - - - Cadaval ................................ - - - 1 - - - - Cascais ................................. 3 2 - 12 1 6 - - Lisboa .................................. 11 18 1 74 2 24 1 - Loures .................................. - 4 - 6 - 1 - - Lourinhã .............................. - - - 1 - - - - Mafra ................................... - 1 - 2 - 1 - - Odivelas ............................... - 1 - 6 - 1 - - Oeiras .................................. 2 5 - 10 - 5 - - Sintra ................................... - 6 - 16 - 2 - - Sobral de Monte Agraço ...... - - - 1 - - - - Torres Vedras ...................... 1 1 - 3 - 1 - - Vila Franca de Xira ............... - 2 - 6 - 2 - -

Portalegre District - 3 - 6 - 1 - - Alter do Chão....................... - - - - - - - - Arronches ............................ - - - - - - - - Avis ...................................... - - - 1 - - - - Campo Maior ....................... - - - - - - - - Castelo de Vide .................... - - - - - - - - Crato .................................... - - - - - - - - Elvas .................................... - 1 - 1 - 1 - - Fronteira .............................. - - - - - - - - Gavião ................................. - - - 1 - - - - Marvão ................................ - - - 1 - - - - Monforte ............................. - - - - - - - - Nisa...................................... - - - - - - - - Ponte de Sor ........................ - 1 - 1 - - - - Portalegre ............................ - 1 - 1 - - - - Sousel .................................. - - - - - - - -

Porto District 7 39 1 97 1 25 1 - Amarante............................. - 1 - 2 - - - - Baião ................................... - - - - - - - - Felgueiras ............................ - 2 - 1 - 1 - - Gondomar ........................... - 2 - 5 - 1 - - Lousada ............................... - - - 1 - - - - Maia .................................... 1 4 - 10 - 2 - - Marco de Canaveses ............ - - - 1 - - - - Matosinhos .......................... 1 5 - 9 - 4 - - Paços de Ferreira ................. - 1 - 2 - - - - Paredes ................................ - 2 - 5 - 1 - - Penafiel ............................... - 1 - 2 - 1 - - Porto.................................... 4 9 1 27 1 7 1 - Póvoa de Varzim .................. - 1 - 4 - 1 - - Santo Tirso ........................... - 1 - 3 - 1 - - Trofa .................................... - 1 - 2 - 1 - - Valongo ............................... - 2 - 4 - 2 - - Vila do Conde ...................... - 1 - 3 - 1 - - Vila Nova Gaia ..................... 1 6 - 16 - 2 - -





Number of Branches

Santarém District - 10 - 24 - 4 - -

Abrantes ................................ - 1 - 2 - - - - Alcanena ................................ - - - 1 - - - - Almeirim ................................ - 1 - 1 - - - - Alpiarça ................................. - - - - - - - - Benavente ............................. - 1 - 2 - - - - Cartaxo .................................. - 1 - 1 - - - - Chamusca .............................. - - - 1 - - - - Constância ............................. - - - 1 - - - - Coruche ................................. - - - 1 - - - - Entroncamento...................... - - - 1 - - - - Ferreira do Zêzere ................. - - - - - - - - Golegã ................................... - - - - - - - - Mação.................................... - - - - - - - - Ourém ................................... - 2 - 3 - 1 - - Rio Maior ............................... - 1 - 1 - - - - Salvaterra de Magos .............. - - - 1 - - - - Santarém ............................... - 1 - 5 - 1 - - Sardoal .................................. - - - - - - - - Tomar .................................... - 1 - 1 - 1 - - Torres Novas ......................... - 1 - 2 - 1 - - Vila Nova da Barquinha ......... - - - - - - - -

Setúbal District 1 10 - 38 1 10 - - Alcácer do Sal ........................ - - - - - - - - Alcochete............................... - - - 1 - - - - Almada .................................. - 4 - 8 1 3 - - Barreiro ................................. - 1 - 4 - 1 - - Grândola ................................ - - - 1 - - - - Moita ..................................... - - - 3 - - - - Montijo .................................. - 1 - 3 - 1 - - Palmela .................................. - 1 - 3 - 1 - - Santiago do Cacém ................ - - - 1 - - - - Seixal ..................................... - 2 - 4 - 2 - - Sesimbra ................................ - - - 2 - - - - Setúbal .................................. 1 1 - 7 - 1 - - Sines ...................................... - - - 1 - 1 - -

Viana do Castelo District 2 5 - 13 - 4 - - Arcos de Valdevez ................. - 1 - 1 - 1 - - Caminha ................................ - - - 1 - - - - Melgaço ................................. - - - 1 - - - - Monção ................................. - 1 - 1 - - - - Paredes de Coura .................. - - - 1 - - - - Ponte da Barca ...................... - - - 1 - - - - Ponte de Lima ........................ - 1 - 1 - 1 - - Valença .................................. 1 1 - 1 - 1 - - Viana do Castelo .................... 1 1 - 4 - 1 - - Vila Nova de Cerveira ............ - - - 1 - - - -

Vila Real District 2 2 - 9 - 3 - - Alijó ....................................... - - - - - - - - Boticas ................................... - - - - - - - - Chaves ................................... 1 1 - 1 - 1 - - Mesão Frio............................. - - - 1 - - - - Mondim de Basto .................. - - - - - - - - Montalegre ............................ - - - 1 - - - -





Number of Branches


Murça .................................. - - - - - - - - Peso da Régua ..................... - - - 1 - - - - Ribeira de Pena ................... - - - - - - - - Sabrosa ................................ - - - 1 - - - - Santa Marta de Penaguião .. - - - - - - - - Valpaços .............................. - - - 1 - - - - Vila Pouca de Aguiar ............ - - - 1 - - - - Vila Real ............................... 1 1 - 2 - 2 - -

Viseul District 1 3 - 15 - 2 - - Armamar ............................. - - - - - - - - Carregal do Sal ..................... - - - 1 - - - - Castro Daire ......................... - - - 1 - - - - Cinfães ................................. - - - - - - - - Lamego ................................ - - - 1 - - - - Mangualde .......................... - - - 1 - - - - Moimenta da Beira .............. - - - - - - - - Mortágua ............................. - - - - - - - - Nelas.................................... - - - 2 - - - - Oliveira de Frades ................ - - - 1 - - - - Penalva do Castelo .............. - - - - - - - - Penedono ............................ - - - - - - - - Resende ............................... - - - 1 - - - - Santa Comba Dão ................ - - - - - - - - São João da Pesqueira ......... - - - - - - - - São Pedro do Sul .................. - - - - - - - - Sátão ................................... - - - - - - - - Sernancelhe ......................... - - - - - - - - Tabuaço ............................... - - - 1 - - - - Tarouca................................ - - - - - - - - Tondela................................ - 1 - 1 - - - - Vila Nova de Paiva ............... - - - - - - - - Viseu .................................... 1 2 - 5 - 2 - - Vouzela ................................ - - - - - - - -

Distrito do Funchal 1 - 1 13 - 2 - - Calheta ............................... - - - 1 - - - - Câmara de Lobos ................. - - - 2 - - - - Funchal ................................ 1 - 1 5 - 1 - - Machico ............................... - - - 1 - - - - Ponta do Sol ........................ - - - - - - - - Porto Moniz ......................... - - - - - - - - Porto Santo ......................... - - - - - - - - Ribeira Brava ....................... - - - 1 - - - - São Vicente .......................... - - - 1 - - - - Santana ............................... - - - - - - - - Santa Cruz ........................... - - - 2 - 1 - -





Number of Branches

Angra do Heroísmo District - - - 2 - - - -

Angra Heroísmo ................... - - - 1 - - - - Calheta S. Jorge ................... - - - - - - - - Santa Cruz da Graciosa ........ - - - - - - - - Vila Praia da Vitória ............. - - - 1 - - - - Velas S. Jorge ....................... - - - - - - - -

Horta District - - - 2 - - - - Corvo ................................... - - - - - - - - Horta ................................... - - - 1 - - - - Lajes das Flores.................... - - - - - - - - Lajes do Pico ........................ - - - - - - - - Madalena ............................ - - - 1 - - - - Santa Cruz das Flores ........... - - - - - - - - São Roque do Pico ............... - - - - - - - -

Ponta Delgada District - - - 1 - 1 - - Lagoa Açores ....................... - - - - - - - - Nordeste .............................. - - - - - - - - Ponta Delgada ..................... - - - 1 - 1 - - Povoação ............................. - - - - - - - - Ribeira Grande .................... - - - - - - - - Vila Franca do Campo .......... - - - - - - - - Vila do Porto ........................ - - - - - - - -

Statistical Bulletin - APB

Documents

Transcript of Statistical Bulletin - APB